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2022-05-17

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Looking for Stock Dividends of 9% to 11%? That's What These ETF Managers Are Aiming for With an AI-Aided Strategy

2022-06-30

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Issued at $51 at the top of the range, valued at $54.5 billion, trading on Thursday","url":"https://stock-news.laohu8.com/highlight/detail?id=1115345699","media":"华尔街见闻","summary":"周三，Arm的IPO定价为51美元，位于发行价指导区间47至51美元的顶端，市值有望达545亿美元，这低于软银集团前段时间给出的640亿美元估值。此前有媒体报道称，Arm将把IPO股票发行价定在每股52美元，最高估值可达555亿美元。9月13日周三，Arm将IPO股票发行价定在每股51美元，Arm股票将于9月14日周四开始交易。51美元的定价，意味着Arm上市时的估值在完全稀释后将高达545亿美元。","content":"<p><html><head></head><body>On Wednesday, Arm's IPO was priced at US $51, at the top of the issue price guidance range of US $47 to US $51, and its market value is expected to reach US $54.5 billion, which is lower than the US $64 billion valuation given by SoftBank Group some time ago. Previous media reports stated that Arm will set the IPO stock issue price at US $52 per share, with a maximum valuation of US $55.5 billion.</p><p><p style=\"text-align: justify;\">On Wednesday, September 13, Arm set the IPO stock issue price at $51 per share, and Arm stock will begin trading on Thursday, September 14.</p><p><p style=\"text-align: justify;\">Earlier this week, Arm set an initial pricing range of $47 to $51 per share, allowing its parent company SoftBank to raise up to $4.9 billion. The pricing of US $51 means that Arm's valuation when it goes public will be as high as US $54.5 billion after full dilution. This is lower than the $64 billion valuation given by SoftBank Group some time ago, when the company acquired Arm shares held by its Vision Fund at this valuation.</p><p><p style=\"text-align: justify;\">Earlier on Wednesday, another media said that Arm's IPO was priced at $52, above the guidance range. At a price of $52 per share, Arm's fully diluted valuation is $55.5 billion. After that, the media revised Arm's IPO pricing to $51.</p><p><p style=\"text-align: justify;\">SoftBank founder Masayoshi Son bought Arm in 2016 for $32 billion. According to people close to Son, Son's idea is that Arm's valuation when it starts trading in U.S. stocks may not be as important as the listing itself.</p><p><p style=\"text-align: justify;\">Last Friday, the media quoted bankers participating in Arm's roadshow as saying that Arm's U.S. IPO may bring more than five times oversubscription. The British chip design company expects the artificial intelligence boom to accelerate the company's revenue growth in the future.</p><p><p style=\"text-align: justify;\">Investors are worried that Arm's performance will decline in the latest quarter due to multiple risks such as a slowdown in the smartphone industry. But Arm's investment advisers say \"investors are less sensitive to price,\" many of whom are passively buying the stock due to Arm's inclusion in the Nasdaq Composite.</p><p><p style=\"text-align: justify;\">Arm's smartphone chip market has stalled this year, but the company is looking to gain growth from AI and data center customers, even as Arm has played only a peripheral role in building the technology needed to deliver large language models for ChatGPT and other generative AI.</p><p><p style=\"text-align: justify;\">Arm CEO Rene Haas Said in a pitch video:</p><p><p style=\"text-align: justify;\">Artificial intelligence will be everywhere, and everything AI will run on Arm's software. Our opportunities are unlimited, and with the advent of the era of artificial intelligence, global computing needs are unmet.</p><p><p style=\"text-align: justify;\">Nvidia founder and CEO Huang Renxun also appeared in this video. Nvidia's new Grace Hopper AI \"super chip\" \"would not have been possible without Arm's architecture, the incredible performance of Arm's CPU and its business model,\" he said.</p><p><p style=\"text-align: justify;\">In the roadshow, Arm executives expect the company's revenue growth to accelerate after a lackluster 2023 performance due to increased royalties paid by smartphone makers. Arm said it could deliver at least 20% revenue growth in its next fiscal year ending March 2025, a pace that exceeded analysts' expectations.</p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Arm IPO It's set! Issued at $51 at the top of the range, valued at $54.5 billion, trading on Thursday</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nArm IPO It's set! Issued at $51 at the top of the range, valued at $54.5 billion, trading on Thursday\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time smaller\">2023-09-14 06:15</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>On Wednesday, Arm's IPO was priced at US $51, at the top of the issue price guidance range of US $47 to US $51, and its market value is expected to reach US $54.5 billion, which is lower than the US $64 billion valuation given by SoftBank Group some time ago. Previous media reports stated that Arm will set the IPO stock issue price at US $52 per share, with a maximum valuation of US $55.5 billion.</p><p><p style=\"text-align: justify;\">On Wednesday, September 13, Arm set the IPO stock issue price at $51 per share, and Arm stock will begin trading on Thursday, September 14.</p><p><p style=\"text-align: justify;\">Earlier this week, Arm set an initial pricing range of $47 to $51 per share, allowing its parent company SoftBank to raise up to $4.9 billion. The pricing of US $51 means that Arm's valuation when it goes public will be as high as US $54.5 billion after full dilution. This is lower than the $64 billion valuation given by SoftBank Group some time ago, when the company acquired Arm shares held by its Vision Fund at this valuation.</p><p><p style=\"text-align: justify;\">Earlier on Wednesday, another media said that Arm's IPO was priced at $52, above the guidance range. At a price of $52 per share, Arm's fully diluted valuation is $55.5 billion. After that, the media revised Arm's IPO pricing to $51.</p><p><p style=\"text-align: justify;\">SoftBank founder Masayoshi Son bought Arm in 2016 for $32 billion. According to people close to Son, Son's idea is that Arm's valuation when it starts trading in U.S. stocks may not be as important as the listing itself.</p><p><p style=\"text-align: justify;\">Last Friday, the media quoted bankers participating in Arm's roadshow as saying that Arm's U.S. IPO may bring more than five times oversubscription. The British chip design company expects the artificial intelligence boom to accelerate the company's revenue growth in the future.</p><p><p style=\"text-align: justify;\">Investors are worried that Arm's performance will decline in the latest quarter due to multiple risks such as a slowdown in the smartphone industry. But Arm's investment advisers say \"investors are less sensitive to price,\" many of whom are passively buying the stock due to Arm's inclusion in the Nasdaq Composite.</p><p><p style=\"text-align: justify;\">Arm's smartphone chip market has stalled this year, but the company is looking to gain growth from AI and data center customers, even as Arm has played only a peripheral role in building the technology needed to deliver large language models for ChatGPT and other generative AI.</p><p><p style=\"text-align: justify;\">Arm CEO Rene Haas Said in a pitch video:</p><p><p style=\"text-align: justify;\">Artificial intelligence will be everywhere, and everything AI will run on Arm's software. Our opportunities are unlimited, and with the advent of the era of artificial intelligence, global computing needs are unmet.</p><p><p style=\"text-align: justify;\">Nvidia founder and CEO Huang Renxun also appeared in this video. Nvidia's new Grace Hopper AI \"super chip\" \"would not have been possible without Arm's architecture, the incredible performance of Arm's CPU and its business model,\" he said.</p><p><p style=\"text-align: justify;\">In the roadshow, Arm executives expect the company's revenue growth to accelerate after a lackluster 2023 performance due to increased royalties paid by smartphone makers. Arm said it could deliver at least 20% revenue growth in its next fiscal year ending March 2025, a pace that exceeded analysts' expectations.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/2546ea61a53e62d0a141198ce0ee25c5","relate_stocks":{"ARM":"ARM Holdings"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1115345699","content_text":"周三，Arm的IPO定价为51美元，位于发行价指导区间47至51美元的顶端，市值有望达545亿美元，这低于软银集团前段时间给出的640亿美元估值。此前有媒体报道称，Arm将把IPO股票发行价定在每股52美元，最高估值可达555亿美元。9月13日周三，Arm将IPO股票发行价定在每股51美元，Arm股票将于9月14日周四开始交易。本周早些时候，Arm将初始定价范围设定为每股47至51美元，为其母公司软银可以筹集至多49亿美元的资金。51美元的定价，意味着Arm上市时的估值在完全稀释后将高达545亿美元。这低于软银集团前段时间给出的640亿美元估值，当时该公司按照这一估值收购了其愿景基金持有的Arm股份。周三早些时候，另有媒体称，Arm的IPO定价为52美元，高于指导区间。按照每股52美元的价格计算，Arm完全稀释后的估值为555亿美元。 之后，该媒体将Arm的IPO定价修正为51美元。软银创始人孙正义于2016年斥资320亿美元收购了Arm。据接近孙正义的人士透露，孙正义的想法是，Arm在美股开始交易时的估值可能不如上市本身重要。上周五，据媒体援引参与Arm路演的银行家称，Arm美国IPO或带来超过五倍的超额认购，这家英国芯片设计公司预计人工智能热潮将推动公司收入在未来加速增长。由于面临智能手机行业放缓等多重风险，投资者担心Arm最近一个季度的业绩会有所下降。但Arm的投资顾问表示，“投资者对价格的敏感性不大”，其中许多人由于Arm被纳入纳斯达克综合指数而被动买入该股票。Arm的智能手机芯片市场今年停滞不前，但该公司希望从人工智能和数据中心客户那里获得增长，尽管Arm在构建为ChatGPT和其他生成式AI提供大型语言模型所需的技术中只发挥了外围作用。Arm CEO Rene Haas在一段推介视频中表示：人工智能将无处不在，而且一切AI都在Arm的软件上运行。我们的机会是无限的，随着人工智能时代的到来，全球的计算需求是无法满足的。英伟达创始人兼CEO黄仁勋也在这一视频中出现。他表示，英伟达的新型Grace Hopper AI“超级芯片”“如果没有Arm的架构、Arm CPU令人难以置信的性能和商业模式，就不可能实现”。Arm高管在路演中预计，在2023年表现平淡之后，因为增加了智能手机制造商支付的特许权使用费，该公司的收入增长将加速。Arm表示，在截至2025年3月的下一财年，其收入可能实现至少20%的增长，这一增速超出了分析师的预期。","news_type":1,"symbols_score_info":{"ARM":1.1}},"isVote":1,"tweetType":1,"viewCount":3328,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9940594311,"gmtCreate":1678013076134,"gmtModify":1678013080150,"author":{"id":"3577362879194763","authorId":"3577362879194763","name":"ivyteo6911","avatar":"https://static.tigerbbs.com/b70214e6e148476bcc23102cef4a8dc3","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577362879194763","authorIdStr":"3577362879194763"},"themes":[],"htmlText":"👍👍👍","listText":"👍👍👍","text":"👍👍👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9940594311","repostId":"2316139645","repostType":4,"repost":{"id":"2316139645","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1677985265,"share":"https://ttm.financial/m/news/2316139645?lang=en_US&edition=fundamental","pubTime":"2023-03-05 11:01","market":"other","language":"en","title":"Looking for Stock Dividends of 9% to 11%? That's What These ETF Managers Are Aiming for With an AI-Aided Strategy","url":"https://stock-news.laohu8.com/highlight/detail?id=2316139645","media":"Dow Jones","summary":"The JPMorgan Nasdaq Equity Premium Income ETF uses artificial intelligence to help with stock select","content":"<html><head></head><body><blockquote>The JPMorgan Nasdaq Equity Premium Income ETF uses artificial intelligence to help with stock selection. It uses a covered call strategy to pay high dividends.</blockquote><p>Rising interest rates have made bonds more attractive over the past year, but they have also led to higher volatility for stocks. And that means higher dividend income for equity funds that write covered call options. Income-seeking investors should at least become familiar with these strategies.</p><p>The JPMorgan Nasdaq Equity Income ETF <a href=\"https://laohu8.com/S/JEPQ\">$(JEPQ)$</a> has grown to $1.6 billion in assets under management in only 10 months. Hamilton Reiner, one of the fund&#39;s co-managers, explained its strategy and contrasted it with the $JPMorgan Equity Premium Income ETF.</p><p>The main difference between JEPQ and JEPI is how the exchange-traded funds select stocks. JEPI is benchmarked to the S&amp;P 500 and holds between 100 and 150 stocks selected by its managers with the assistance of JPMorgan&#39;s equity analysts.</p><p>JEPQ is benchmarked to the Nasdaq-100 Index, which is made up of the largest 100 nonfinancial companies within the full Nasdaq Composite Index. But it is not limited to the Nasdaq-100.</p><p>Reiner, who is head of U.S. Equity Derivatives at JPMorgan Asset Management, explained that he and co-managers Andrew Stern and Eric Moreau select stocks for JEPQ with the assistance of artificial intelligence technology that analyzes thousands of corporate filings and  financial reports to project &#34;earnings estimates three to five years out.&#34;</p><p>Selected companies aren&#39;t limited to those in the Nasdaq-100. For example, PepsiCo Inc. <a href=\"https://laohu8.com/S/PEP\">$(PEP)$</a> is a component of the Nasdaq-100, but JEPQ holds shares of Coca-Cola Co. <a href=\"https://laohu8.com/S/KO\">$(KO)$</a>, which isn&#39;t a component of the index, because &#34;it is more attractive per our process,&#34; Reiner said.</p><p><b>What type of investor is JEPQ designed for?</b></p><p>JEPQ&#39;s stated goals are to generate monthly income by selling covered call options and holding a portfolio of large-cap stocks. It&#39;s benchmarking to the Nasdaq-100 makes for heavy weighting to technology companies. Long-term growth is a secondary objective of the fund. A third goal is to maximize &#34;risk-adjusted expected returns&#34; through the AI component of its stock selection process.</p><p>In other words, JEPQ can be an appropriate investment for you if you want monthly income and if you want an investment that will be less volatile over time than the Nasdaq-100 index, which itself is tracked by the Invesco QQQ Trust <a href=\"https://laohu8.com/S/QQQ\">$(QQQ)$</a>.</p><p>Reiner said JEPQ shareholders can expect the fund&#39;s monthly distributions to equate to annual yields ranging between 9% and 11%. He also expects JEPQ to capture less of QQQ&#39;s downside during market declines, along with &#34;some of the equity upside,&#34; for similar overall performance if dividends are reinvested.</p><p>All of this means that equity funds with covered call strategies are best for investors who want the income and/or wish to smooth out performance, especially during downcycles in the stock market. Since the monthly distributions are taxed (unless the investment is in a tax-deferred retirement account), an investor who wants to pursue a pure long-term growth strategy might be better served with a fund that doesn&#39;t emphasize dividends.</p><p><b>Covered call strategies</b></p><p>The use of options to enhance income for stock funds is nothing new, but the strategy gained popularity during the long period of low interest rates and became even more popular during the bear market of 2022.</p><p>A call option is a contract that allows an investor to buy a security at a particular price (called the strike price) until the option expires. A put option is the opposite, allowing the purchaser to sell a security at a specified price until the option expires.</p><p>A covered call option is one an investor can write when they already own a security. The strike price is typically &#34;out of the money,&#34; which means it is higher than the stock&#39;s current price.</p><p>For example, you might hold 100 shares of a stock that is currently trading for $100 a share. You like the stock, but would be willing to part with it for a certain price, say $110. You sell a call option for a fee to an investor who believes the shares will trade much higher than $110 before the option expires. If the stock then moves above $110, you are forced to sell it for that price. You keep your option fee, but now need to find something else to invest in. But if the stock doesn&#39;t rise above $110 before the option expires, you still keep your option premium and are free to write another call option.</p><p>This type of activity during a period of high volatility can enhance income greatly. It also makes a portfolio less volatile than the broad market. The price you pay is that you give up some of the upside. In the above example, if the stock had doubled to $200, you would still be forced to sell it for $110.</p><p>Investors looking to make use of such an active strategy might best be served doing so through mutual funds or exchange-traded funds.</p><p>JEPQ makes used of equity-linked notes to pursue its covered-call strategy with up to 20% of the fund&#39;s portfolio. See the JEPI article for an actual covered-call trade example and more about equity-linked notes.</p><p>JEPQ&#39; stock selection process and use of equity-linked notes to pursue its covered all strategy also stand in contrast to the <a href=\"https://laohu8.com/S/EFFE\">Global X</a> NASDAQ 100 Covered Call ETF <a href=\"https://laohu8.com/S/QYLD.UK\">$(QYLD.UK)$</a>, which also pays monthly dividends while holding all the stocks in QQQ and writing covered call options on the entire Nasdaq-100.</p><p><b>Performance</b></p><p>JEPQ is less than a year old, a short period for a fund, although growing to $1.6 billion since the fund was launched on May 3 underlines how quickly investors have warmed to the strategy. For a benchmark comparison, here&#39;s how the fund has performed on a total return basis, with dividends reinvested, against QQQ and QYLD since inception:</p><p><img src=\"https://static.tigerbbs.com/d046b5f7c55b87c044f9d2ea9622de64\" tg-width=\"700\" tg-height=\"561\" width=\"100%\" height=\"auto\"/></p><p>You can see that JEPQ has been considerably less volatile than QQQ. And during this year&#39;s rebound, it has captured less of the upside than QQQ or QYLD.</p><p>Volatility is still high, which means JEPQ is quoting an SEC 30-day dividend yield for its monthly distributions of 15.67%. (Total return and yield quotes are net of the fund&#39;s annual expenses, which are 0.35% of assets under management.) But keep in mind that over the long haul Reiner expects the distribution yield to range from 9% to 11%.</p><p>If we sum up the nine monthly distributions JEPQ has made since it was established in May, the total has been $4.29 a share, or 10.27% of its net asset value of $41.81 at the close on March 1. That is not an annualized yield.</p><p><b>Top stock holdings</b></p><p>JEPQ posts its full list of holdings every day. The ETF holds 77 stocks, which make up 81% of its portfolio. Technology stocks make up about 40% of the portfolio.</p><p>Here are the fund&#39;s top 10 stock holdings:</p><p><img src=\"https://static.tigerbbs.com/07d9e3b50a39fb279604dbc26681c0c2\" tg-width=\"806\" tg-height=\"448\" width=\"100%\" height=\"auto\"/></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Looking for Stock Dividends of 9% to 11%? That's What These ETF Managers Are Aiming for With an AI-Aided Strategy</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nLooking for Stock Dividends of 9% to 11%? That's What These ETF Managers Are Aiming for With an AI-Aided Strategy\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2023-03-05 11:01</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><blockquote>The JPMorgan Nasdaq Equity Premium Income ETF uses artificial intelligence to help with stock selection. It uses a covered call strategy to pay high dividends.</blockquote><p>Rising interest rates have made bonds more attractive over the past year, but they have also led to higher volatility for stocks. And that means higher dividend income for equity funds that write covered call options. Income-seeking investors should at least become familiar with these strategies.</p><p>The JPMorgan Nasdaq Equity Income ETF <a href=\"https://laohu8.com/S/JEPQ\">$(JEPQ)$</a> has grown to $1.6 billion in assets under management in only 10 months. Hamilton Reiner, one of the fund&#39;s co-managers, explained its strategy and contrasted it with the $JPMorgan Equity Premium Income ETF.</p><p>The main difference between JEPQ and JEPI is how the exchange-traded funds select stocks. JEPI is benchmarked to the S&amp;P 500 and holds between 100 and 150 stocks selected by its managers with the assistance of JPMorgan&#39;s equity analysts.</p><p>JEPQ is benchmarked to the Nasdaq-100 Index, which is made up of the largest 100 nonfinancial companies within the full Nasdaq Composite Index. But it is not limited to the Nasdaq-100.</p><p>Reiner, who is head of U.S. Equity Derivatives at JPMorgan Asset Management, explained that he and co-managers Andrew Stern and Eric Moreau select stocks for JEPQ with the assistance of artificial intelligence technology that analyzes thousands of corporate filings and  financial reports to project &#34;earnings estimates three to five years out.&#34;</p><p>Selected companies aren&#39;t limited to those in the Nasdaq-100. For example, PepsiCo Inc. <a href=\"https://laohu8.com/S/PEP\">$(PEP)$</a> is a component of the Nasdaq-100, but JEPQ holds shares of Coca-Cola Co. <a href=\"https://laohu8.com/S/KO\">$(KO)$</a>, which isn&#39;t a component of the index, because &#34;it is more attractive per our process,&#34; Reiner said.</p><p><b>What type of investor is JEPQ designed for?</b></p><p>JEPQ&#39;s stated goals are to generate monthly income by selling covered call options and holding a portfolio of large-cap stocks. It&#39;s benchmarking to the Nasdaq-100 makes for heavy weighting to technology companies. Long-term growth is a secondary objective of the fund. A third goal is to maximize &#34;risk-adjusted expected returns&#34; through the AI component of its stock selection process.</p><p>In other words, JEPQ can be an appropriate investment for you if you want monthly income and if you want an investment that will be less volatile over time than the Nasdaq-100 index, which itself is tracked by the Invesco QQQ Trust <a href=\"https://laohu8.com/S/QQQ\">$(QQQ)$</a>.</p><p>Reiner said JEPQ shareholders can expect the fund&#39;s monthly distributions to equate to annual yields ranging between 9% and 11%. He also expects JEPQ to capture less of QQQ&#39;s downside during market declines, along with &#34;some of the equity upside,&#34; for similar overall performance if dividends are reinvested.</p><p>All of this means that equity funds with covered call strategies are best for investors who want the income and/or wish to smooth out performance, especially during downcycles in the stock market. Since the monthly distributions are taxed (unless the investment is in a tax-deferred retirement account), an investor who wants to pursue a pure long-term growth strategy might be better served with a fund that doesn&#39;t emphasize dividends.</p><p><b>Covered call strategies</b></p><p>The use of options to enhance income for stock funds is nothing new, but the strategy gained popularity during the long period of low interest rates and became even more popular during the bear market of 2022.</p><p>A call option is a contract that allows an investor to buy a security at a particular price (called the strike price) until the option expires. A put option is the opposite, allowing the purchaser to sell a security at a specified price until the option expires.</p><p>A covered call option is one an investor can write when they already own a security. The strike price is typically &#34;out of the money,&#34; which means it is higher than the stock&#39;s current price.</p><p>For example, you might hold 100 shares of a stock that is currently trading for $100 a share. You like the stock, but would be willing to part with it for a certain price, say $110. You sell a call option for a fee to an investor who believes the shares will trade much higher than $110 before the option expires. If the stock then moves above $110, you are forced to sell it for that price. You keep your option fee, but now need to find something else to invest in. But if the stock doesn&#39;t rise above $110 before the option expires, you still keep your option premium and are free to write another call option.</p><p>This type of activity during a period of high volatility can enhance income greatly. It also makes a portfolio less volatile than the broad market. The price you pay is that you give up some of the upside. In the above example, if the stock had doubled to $200, you would still be forced to sell it for $110.</p><p>Investors looking to make use of such an active strategy might best be served doing so through mutual funds or exchange-traded funds.</p><p>JEPQ makes used of equity-linked notes to pursue its covered-call strategy with up to 20% of the fund&#39;s portfolio. See the JEPI article for an actual covered-call trade example and more about equity-linked notes.</p><p>JEPQ&#39; stock selection process and use of equity-linked notes to pursue its covered all strategy also stand in contrast to the <a href=\"https://laohu8.com/S/EFFE\">Global X</a> NASDAQ 100 Covered Call ETF <a href=\"https://laohu8.com/S/QYLD.UK\">$(QYLD.UK)$</a>, which also pays monthly dividends while holding all the stocks in QQQ and writing covered call options on the entire Nasdaq-100.</p><p><b>Performance</b></p><p>JEPQ is less than a year old, a short period for a fund, although growing to $1.6 billion since the fund was launched on May 3 underlines how quickly investors have warmed to the strategy. For a benchmark comparison, here&#39;s how the fund has performed on a total return basis, with dividends reinvested, against QQQ and QYLD since inception:</p><p><img src=\"https://static.tigerbbs.com/d046b5f7c55b87c044f9d2ea9622de64\" tg-width=\"700\" tg-height=\"561\" width=\"100%\" height=\"auto\"/></p><p>You can see that JEPQ has been considerably less volatile than QQQ. And during this year&#39;s rebound, it has captured less of the upside than QQQ or QYLD.</p><p>Volatility is still high, which means JEPQ is quoting an SEC 30-day dividend yield for its monthly distributions of 15.67%. (Total return and yield quotes are net of the fund&#39;s annual expenses, which are 0.35% of assets under management.) But keep in mind that over the long haul Reiner expects the distribution yield to range from 9% to 11%.</p><p>If we sum up the nine monthly distributions JEPQ has made since it was established in May, the total has been $4.29 a share, or 10.27% of its net asset value of $41.81 at the close on March 1. That is not an annualized yield.</p><p><b>Top stock holdings</b></p><p>JEPQ posts its full list of holdings every day. The ETF holds 77 stocks, which make up 81% of its portfolio. Technology stocks make up about 40% of the portfolio.</p><p>Here are the fund&#39;s top 10 stock holdings:</p><p><img src=\"https://static.tigerbbs.com/07d9e3b50a39fb279604dbc26681c0c2\" tg-width=\"806\" tg-height=\"448\" width=\"100%\" height=\"auto\"/></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"JEPI":"JPMorgan Equity Premium Income ETF","JEPQ":"JPMorgan Nasdaq Equity Premium Income ETF"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2316139645","content_text":"The JPMorgan Nasdaq Equity Premium Income ETF uses artificial intelligence to help with stock selection. It uses a covered call strategy to pay high dividends.Rising interest rates have made bonds more attractive over the past year, but they have also led to higher volatility for stocks. And that means higher dividend income for equity funds that write covered call options. Income-seeking investors should at least become familiar with these strategies.The JPMorgan Nasdaq Equity Income ETF $(JEPQ)$ has grown to $1.6 billion in assets under management in only 10 months. Hamilton Reiner, one of the fund's co-managers, explained its strategy and contrasted it with the $JPMorgan Equity Premium Income ETF.The main difference between JEPQ and JEPI is how the exchange-traded funds select stocks. JEPI is benchmarked to the S&P 500 and holds between 100 and 150 stocks selected by its managers with the assistance of JPMorgan's equity analysts.JEPQ is benchmarked to the Nasdaq-100 Index, which is made up of the largest 100 nonfinancial companies within the full Nasdaq Composite Index. But it is not limited to the Nasdaq-100.Reiner, who is head of U.S. Equity Derivatives at JPMorgan Asset Management, explained that he and co-managers Andrew Stern and Eric Moreau select stocks for JEPQ with the assistance of artificial intelligence technology that analyzes thousands of corporate filings and  financial reports to project \"earnings estimates three to five years out.\"Selected companies aren't limited to those in the Nasdaq-100. For example, PepsiCo Inc. $(PEP)$ is a component of the Nasdaq-100, but JEPQ holds shares of Coca-Cola Co. $(KO)$, which isn't a component of the index, because \"it is more attractive per our process,\" Reiner said.What type of investor is JEPQ designed for?JEPQ's stated goals are to generate monthly income by selling covered call options and holding a portfolio of large-cap stocks. It's benchmarking to the Nasdaq-100 makes for heavy weighting to technology companies. Long-term growth is a secondary objective of the fund. A third goal is to maximize \"risk-adjusted expected returns\" through the AI component of its stock selection process.In other words, JEPQ can be an appropriate investment for you if you want monthly income and if you want an investment that will be less volatile over time than the Nasdaq-100 index, which itself is tracked by the Invesco QQQ Trust $(QQQ)$.Reiner said JEPQ shareholders can expect the fund's monthly distributions to equate to annual yields ranging between 9% and 11%. He also expects JEPQ to capture less of QQQ's downside during market declines, along with \"some of the equity upside,\" for similar overall performance if dividends are reinvested.All of this means that equity funds with covered call strategies are best for investors who want the income and/or wish to smooth out performance, especially during downcycles in the stock market. Since the monthly distributions are taxed (unless the investment is in a tax-deferred retirement account), an investor who wants to pursue a pure long-term growth strategy might be better served with a fund that doesn't emphasize dividends.Covered call strategiesThe use of options to enhance income for stock funds is nothing new, but the strategy gained popularity during the long period of low interest rates and became even more popular during the bear market of 2022.A call option is a contract that allows an investor to buy a security at a particular price (called the strike price) until the option expires. A put option is the opposite, allowing the purchaser to sell a security at a specified price until the option expires.A covered call option is one an investor can write when they already own a security. The strike price is typically \"out of the money,\" which means it is higher than the stock's current price.For example, you might hold 100 shares of a stock that is currently trading for $100 a share. You like the stock, but would be willing to part with it for a certain price, say $110. You sell a call option for a fee to an investor who believes the shares will trade much higher than $110 before the option expires. If the stock then moves above $110, you are forced to sell it for that price. You keep your option fee, but now need to find something else to invest in. But if the stock doesn't rise above $110 before the option expires, you still keep your option premium and are free to write another call option.This type of activity during a period of high volatility can enhance income greatly. It also makes a portfolio less volatile than the broad market. The price you pay is that you give up some of the upside. In the above example, if the stock had doubled to $200, you would still be forced to sell it for $110.Investors looking to make use of such an active strategy might best be served doing so through mutual funds or exchange-traded funds.JEPQ makes used of equity-linked notes to pursue its covered-call strategy with up to 20% of the fund's portfolio. See the JEPI article for an actual covered-call trade example and more about equity-linked notes.JEPQ' stock selection process and use of equity-linked notes to pursue its covered all strategy also stand in contrast to the Global X NASDAQ 100 Covered Call ETF $(QYLD.UK)$, which also pays monthly dividends while holding all the stocks in QQQ and writing covered call options on the entire Nasdaq-100.PerformanceJEPQ is less than a year old, a short period for a fund, although growing to $1.6 billion since the fund was launched on May 3 underlines how quickly investors have warmed to the strategy. For a benchmark comparison, here's how the fund has performed on a total return basis, with dividends reinvested, against QQQ and QYLD since inception:You can see that JEPQ has been considerably less volatile than QQQ. And during this year's rebound, it has captured less of the upside than QQQ or QYLD.Volatility is still high, which means JEPQ is quoting an SEC 30-day dividend yield for its monthly distributions of 15.67%. (Total return and yield quotes are net of the fund's annual expenses, which are 0.35% of assets under management.) But keep in mind that over the long haul Reiner expects the distribution yield to range from 9% to 11%.If we sum up the nine monthly distributions JEPQ has made since it was established in May, the total has been $4.29 a share, or 10.27% of its net asset value of $41.81 at the close on March 1. That is not an annualized yield.Top stock holdingsJEPQ posts its full list of holdings every day. The ETF holds 77 stocks, which make up 81% of its portfolio. Technology stocks make up about 40% of the portfolio.Here are the fund's top 10 stock holdings:","news_type":1,"symbols_score_info":{"JEPI":0.9,"JEPQ":0.9}},"isVote":1,"tweetType":1,"viewCount":2365,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9921103738,"gmtCreate":1670986396724,"gmtModify":1676538471747,"author":{"id":"3577362879194763","authorId":"3577362879194763","name":"ivyteo6911","avatar":"https://static.tigerbbs.com/b70214e6e148476bcc23102cef4a8dc3","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577362879194763","authorIdStr":"3577362879194763"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/BABA\">$阿里巴巴(BABA)$&nbsp;</a>👍👍👍","listText":"<a href=\"https://ttm.financial/S/BABA\">$阿里巴巴(BABA)$&nbsp;</a>👍👍👍","text":"$阿里巴巴(BABA)$ 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👍👍👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9962576043","isVote":1,"tweetType":1,"viewCount":3239,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9966349856,"gmtCreate":1669427298875,"gmtModify":1676538195806,"author":{"id":"3577362879194763","authorId":"3577362879194763","name":"ivyteo6911","avatar":"https://static.tigerbbs.com/b70214e6e148476bcc23102cef4a8dc3","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577362879194763","authorIdStr":"3577362879194763"},"themes":[],"htmlText":"👍👍👍","listText":"👍👍👍","text":"👍👍👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9966349856","repostId":"1196685189","repostType":4,"isVote":1,"tweetType":1,"viewCount":2447,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9966349066,"gmtCreate":1669427283456,"gmtModify":1676538195798,"author":{"id":"3577362879194763","authorId":"3577362879194763","name":"ivyteo6911","avatar":"https://static.tigerbbs.com/b70214e6e148476bcc23102cef4a8dc3","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577362879194763","authorIdStr":"3577362879194763"},"themes":[],"htmlText":"👍👍👍","listText":"👍👍👍","text":"👍👍👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9966349066","repostId":"2286349537","repostType":4,"repost":{"id":"2286349537","kind":"highlight","pubTimestamp":1669423834,"share":"https://ttm.financial/m/news/2286349537?lang=en_US&edition=fundamental","pubTime":"2022-11-26 08:50","market":"us","language":"zh","title":"Earnings Preview | Snowflake's long-term growth momentum remains unchanged, but short-term growth may slow down","url":"https://stock-news.laohu8.com/highlight/detail?id=2286349537","media":"智通财经网","summary":"Monness Crespi Hardt分析师Brian White表示，目前Snowflake利润率已经出现下降，加上较高的估值、竞争激烈以及全球经济持续疲软，该公司近期将不得不面对多个问题。","content":"<p><html><head></head><body><a href=\"https://laohu8.com/S/SNOW\">Snowflake</a>The third quarter results will be announced after the U.S. stock market closes on November 30, Eastern Time (the morning of December 1, Beijing time). While the data warehousing company continues to benefit from a long-term push to cloud computing, Brian White, an analyst at investment bank Monness Crespi Hardt, said there are concerns that Snowflake's growth is slowing and gave the stock a \"neutral\" rating.</p><p>White pointed out that Snowflake's profit margins have already declined, coupled with higher valuations, fierce competition and continued global economic weakness, the company will have to face multiple problems in the near future.</p><p>\"Beyond any upside from short-term guidance, we think the company's growth trajectory is already in jeopardy,\" White wrote in the note, adding that Big Tech's \"headache\" earnings reports suggest \"more challenging times ahead for the economy.\"</p><p>White also said Snowflake's biggest competitor in cloud computing<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>(AMZN.US) AWS and<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>(MSFT.US) Azure paints a \"bleak picture\" for the public cloud and the software space in general, \"especially\" for companies like Snowflake that rely on a usage-based revenue model.</p><p>As a result, White expects Snowflake to reach $573.5 million in the third quarter, up 71% year-over-year. But raising concerns about the company's fourth-quarter fiscal 2023 performance, White noted that it expects Snowflake to reach $663.7 million in the fourth quarter, up 73% year-over-year, compared to the Wall Street consensus of $585.9 million.</p><p>White explained: \"In our view, Wall Street's forecast for (the fourth quarter) seems very conservative, even in a weaker economic environment.\"</p><p>As of now, Snowflake expects its product revenue in fiscal 2023 to be $1.905 billion to $1.915 billion, with a product gross profit margin of 75%, an operating profit margin of 2%, and an adjusted free cash flow profit margin of 17%.</p><p></body></html></p>","source":"highlight_zhitongcaijin","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Earnings Preview | Snowflake's long-term growth momentum remains unchanged, but short-term growth may slow down</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nEarnings Preview | Snowflake's long-term growth momentum remains unchanged, but short-term growth may slow down\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">智通财经网</strong><span class=\"h-time small\">2022-11-26 08:50</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><a href=\"https://laohu8.com/S/SNOW\">Snowflake</a>The third quarter results will be announced after the U.S. stock market closes on November 30, Eastern Time (the morning of December 1, Beijing time). While the data warehousing company continues to benefit from a long-term push to cloud computing, Brian White, an analyst at investment bank Monness Crespi Hardt, said there are concerns that Snowflake's growth is slowing and gave the stock a \"neutral\" rating.</p><p>White pointed out that Snowflake's profit margins have already declined, coupled with higher valuations, fierce competition and continued global economic weakness, the company will have to face multiple problems in the near future.</p><p>\"Beyond any upside from short-term guidance, we think the company's growth trajectory is already in jeopardy,\" White wrote in the note, adding that Big Tech's \"headache\" earnings reports suggest \"more challenging times ahead for the economy.\"</p><p>White also said Snowflake's biggest competitor in cloud computing<a href=\"https://laohu8.com/S/AMZN\">Amazon</a>(AMZN.US) AWS and<a href=\"https://laohu8.com/S/MSFT\">Microsoft</a>(MSFT.US) Azure paints a \"bleak picture\" for the public cloud and the software space in general, \"especially\" for companies like Snowflake that rely on a usage-based revenue model.</p><p>As a result, White expects Snowflake to reach $573.5 million in the third quarter, up 71% year-over-year. But raising concerns about the company's fourth-quarter fiscal 2023 performance, White noted that it expects Snowflake to reach $663.7 million in the fourth quarter, up 73% year-over-year, compared to the Wall Street consensus of $585.9 million.</p><p>White explained: \"In our view, Wall Street's forecast for (the fourth quarter) seems very conservative, even in a weaker economic environment.\"</p><p>As of now, Snowflake expects its product revenue in fiscal 2023 to be $1.905 billion to $1.915 billion, with a product gross profit margin of 75%, an operating profit margin of 2%, and an adjusted free cash flow profit margin of 17%.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"http://www.zhitongcaijing.com/content/detail/837719.html\">智通财经网</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/30f535b280c5fc57a2528c0f3477d416","relate_stocks":{"SNOW":"Snowflake"},"source_url":"http://www.zhitongcaijing.com/content/detail/837719.html","is_english":false,"share_image_url":"https://static.laohu8.com/6ca2dcdccfa2217fb20a0351f4efe814","article_id":"2286349537","content_text":"Snowflake将于美东时间11月30日美股盘后(北京时间12月1日早间)公布第三季度业绩。虽然这家数据仓库公司继续从向云计算的长期推进中获益，但投行Monness  Crespi Hardt分析师Brian White表示，有人开始担心Snowflake的增长正在放缓，并予以该股“中性”评级。White指出，目前Snowflake利润率已经出现下降，加上较高的估值、竞争激烈以及全球经济持续疲软，该公司近期将不得不面对多个问题。White在报告中写道：“除了短期指引带来的任何上行空间之外，我们认为该公司的增长轨迹已经岌岌可危。”他补充道，大型科技公司“令人头疼”的盈利报告显示，“未来经济将迎来更具挑战性的时期”。White还表示，Snowflake在云计算领域的最大竞争对手亚马逊(AMZN.US)AWS和微软(MSFT.US)Azure为公共云和整个软件领域描绘了一幅“黯淡的图景”，“尤其是”对Snowflake这样依赖基于使用的营收模式的公司。因此，White预计Snowflake第三季度将达到5.735亿美元，同比增长71%。但对该公司2023财年第四季度的表现表示担忧，White指出，预计Snowflake第四季度将达到6.637亿美元，同比增长73%，相比之下，华尔街普遍预期为5.859亿美元。White解释道：“在我们看来，华尔街对(第四季度)的预测似乎非常保守，即使是在经济环境走弱的情况下。”截至目前，Snowflake预计其2023财年的产品营收为19.05亿美元至19.15亿美元，产品毛利率为75%，营业利润率为2%，调整后自由现金流利润率为17%。","news_type":1,"symbols_score_info":{"SNOW":1}},"isVote":1,"tweetType":1,"viewCount":3076,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9966340420,"gmtCreate":1669427264160,"gmtModify":1676538195790,"author":{"id":"3577362879194763","authorId":"3577362879194763","name":"ivyteo6911","avatar":"https://static.tigerbbs.com/b70214e6e148476bcc23102cef4a8dc3","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577362879194763","authorIdStr":"3577362879194763"},"themes":[],"htmlText":"👍👍👍","listText":"👍👍👍","text":"👍👍👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9966340420","repostId":"1111376633","repostType":4,"repost":{"id":"1111376633","kind":"news","pubTimestamp":1669425683,"share":"https://ttm.financial/m/news/1111376633?lang=en_US&edition=fundamental","pubTime":"2022-11-26 09:21","market":"hk","language":"zh","title":"Watching the World Cup at home, Meituan has become an instant supermarket","url":"https://stock-news.laohu8.com/highlight/detail?id=1111376633","media":"深燃","summary":"喧闹的酒吧、声嘶力竭的呐喊、投影巨幕上狂奔的球员、台下哥几个的碰杯欢呼……四年一次的世界杯，球迷的狂欢节，以往呈现的多是这样的景象。2022年的世界杯注定不一样。冬季比赛叠加疫情影响，远程聚会、宅家看","content":"<p><html><head></head><body>Noisy bars, screaming at the top of their lungs, players running wildly on the projection giant screen, clinking glasses and cheering of several brothers in the audience... The quadrennial World Cup and the carnival of fans used to present such scenes.</p><p>The 2022 World Cup is destined to be different. In winter, the competition is superimposed on the epidemic situation, and remote gatherings and watching football at home have become a new trend.</p><p>\"Although I have to watch the football at home this year, the atmosphere can't be lost.\" Li Jing, a fan in Beijing, said that due to the epidemic situation, he and his friends only learned one day in advance that they could watch the opening game at home. Even if time was tight, they had to create an \"immersive\" atmosphere of watching the football at home. He ordered a projector through take-out, and \"it was delivered in an hour\".</p><p>Li Jing's instant shopping is not an exception. According to the data of Meituan, three days before the opening, the take-out orders of projectors on Meituan increased by 165% year-on-year and 34% month-on-month; The takeaway orders of speakers increased by more than 100% year-on-year and 29% month-on-month. At the same time, in order to have a smoother World Cup viewing experience, many fans also buy routers and WIFI signal boosters on instant retail platforms. For a time, the World Cup drove the sales of such goods to be popular.</p><p>For a more perfect immersive football watching, beer drinks, jerseys, star cards, mascot pendants, World Cup badges, fan speakers and other peripheral products are naturally indispensable. These can basically be done in one stop on the take-out platform. Meituan officially revealed that on the opening day of the World Cup alone, the overall orders for beer, beverages, snacks and fruit takeout nationwide increased by 31% month-on-month and 27% compared with the same period last year.</p><p>The latest financial report data also verifies this phenomenon. On November 25, Meituan released its third-quarter financial report. The highlight of the financial report is that instant retail characterized by \"local stores + instant delivery\" is becoming more and more popular with consumers. Driven by this, in the third quarter, Meituan instant delivery orders The number increased to 5 billion.</p><p>Today's take-out platform is more like a supermarket department store than a life service platform. Consumers can buy fresh ingredients, flowers, medicines, meals, groceries, and even electronic products and clothing such as iPhones on Meituan, and they can be delivered to their doors in only 30 minutes. This deterministic instant consumption has greatly improved the user experience, and also driven the online and digital development of local physical retail.</p><p><b>Everything Available for Takeout</b></p><p>In addition to watching the World Cup at home, taking out orders for drinks, meals, stereos, and projectors, in our lives nowadays, everything can be taken out, and all kinds of retailers can also provide online and offline dual services.</p><p>Li Di, born in the 1990s, opened a department store named \"Tibetan Fun Pavilion\" in Zhengzhou. At the beginning of this year's school season, woven bags have become the best-selling commodity in its online stores, and nearly a thousand orders have been sold by take-out in the past month.</p><p>Previously, Li Di ran an offline convenience store and closed the door due to rent pressure. In 2018, it moved to the remote location where it is currently located, and provided daily necessities for surrounding customers by launching Meituan instant retail.<b>Li Di said that although the current offline stores are located in a biased position, there are many schools around them, and the young people living there are densely populated. The online passenger flow is more than the original offline \"golden location\" customers.</b></p><p>\"A 'packing artifact' like woven bags is urgently needed when needed, but it is generally not sold in supermarkets. Customers place orders through the take-out platform, and riders can deliver them to their homes in half an hour.\" Li Di said that there are still many such demands. During the beginning of school, many students will buy woven bags for clothes and quilts, and by the way, see if there are any other needed goods in the store. Woven bags have become a drainage tool, which has also driven the growth of sales of other commodities.</p><p><img src=\"https://static.tigerbbs.com/fefab3dc0124fd53cee65f449ca53540\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Consumers can now buy fresh ingredients, flowers, medicines, and meals at Meituan, and they can be delivered to their doors in just thirty minutes</p><p>According to data from Meituan, during the school season in late August, the sales of luggage-related supplies on the platform rose sharply. Among them, the sales of woven bags increased by 128% from July and 231% from the same period last year.</p><p>Li Di's story is just a microcosm of the instant retail craze. Under the tide of instant retail, more and more small convenience stores have settled in the Meituan platform. You know,<b>There are nearly 7 million mom-and-pop stores and small convenience stores in the whole Chinese market, contributing 40% of the shipments of retail channels.</b></p><p>The third quarter financial report shows that the transaction volume of convenience stores and supermarkets on the Meituan platform increased by 27.9% and 62% year-on-year respectively, and the order volume of husband and wife stores increased by as much as 125% year-on-year. In addition, Meituan Flash Sale has also strengthened cooperation with traditional physical retail brands. For example, the coverage of authorized dealers of Apple products on the platform has expanded to more than 200 cities, and the sales of iPhone 14 grew strongly on the day of its release; In addition, hundreds of Suning.cn stores are launched on the platform. Driven by this, the number of active merchants and new merchants of Meituan Flash Sale increased by 30% year-on-year this quarter.</p><p>Instant retail with supply as the center of the circle and a radius of three kilometers has become the general trend. The \"China Online Retail Market Development Report in the First Half of 2022\" released by the Ministry of Commerce clearly mentioned \"instant retail\" and pointed out its important value in \"deep integration of online and offline\". According to the \"Research White Paper on the Open Platform Model of Instant Retail\", it is estimated that by 2025, the scale of the open platform of the instant retail model alone will reach about 1.2 trillion yuan.</p><p>From a local life service platform to a supermarket department store, how did Meituan transform?</p><p>Behind this is the strategic shift of Meituan. As early as September 2021, Meituan CEO Wang Xing announced that Meituan's strategy would be upgraded from \"Food + Platform\" to \"Retail + Technology\", bringing retail and technology to a strategic level for the first time.</p><p>How to interpret this strategy? Retail refers to the sale of products or services to end customers, which can be divided into two categories: commodity retail and service retail. End customers include consumers and small and medium-sized merchants. Meituan focuses on the field of commodity retail.</p><p>In order to meet the daily needs of local consumers, Meituan has built a variety of local retail business forms, and expanded commodity retail from food to more categories through a variety of business forms to meet the consumer needs of different regions/markets and scenarios. For example, Meituan flash sale and Meituan grocery shopping are instant retail with 30-minute delivery, while Meituan Mingda Supermarket ensures that the national goods can be reached the next day through self-built warehousing and other supply chain systems.</p><p><b>The hard work behind instant retail</b></p><p>Whether it's 30 minutes or the next day, it takes hard work behind it.</p><p>Meituan's retail business relies on the performance and supply chain capabilities behind it. Specifically, the first is to improve the efficiency and ability of contract performance through the construction of real-time logistics system, smart warehousing and sorting, etc.; The second is to go deep into the upstream of the supply chain, reduce supply costs through direct procurement from local large-scale producing areas and self-owned brand construction, and ultimately benefit consumers.<b>The former aims to be \"faster and more stable\", while the latter aims to be \"good quality and low price\".</b></p><p>Let's look at the performance ability first.</p><p>Logistics efficiency will greatly affect the efficiency of supermarkets. Take American retail giants such as Wal-Mart and Amazon as examples. They all have their own logistics fulfillment systems. Wal-Mart has more than 60 distribution centers in the United States, thousands of distribution vehicles equipped with vehicle positioning systems, and thousands of workers in the distribution centers work in shifts 24 hours a day. Amazon delivered about 4.4 billion express deliveries in 2018. Amazon built its own shipping containers, large cargo planes and tractor trailers. Amazon owns 10,000 trucks, cargo ships and planes, and has opened its own regional aviation center.</p><p>This is also what Meituan is doing on the fulfillment side. In 2021, Meituan Waimai delivered approximately 14.4 billion orders. Based on the real-time logistics system, intelligent dispatching system, and technological applications such as drones and automatic delivery vehicles covering more than 2,800 cities and counties across the country, Meituan's real-time delivery can Provide consumers with 30-minute instant delivery service.</p><p>Taking Meituan Retail's intelligent warehouse robot as an example, starting from the warehouse sorting business scenario, the intelligent warehouse has successively completed technologies such as intelligent frozen product sorting to the line, intelligent double-layer sorting to the group, and AMR (autonomous mobile robot). With this, the warehousing and logistics technology of Meituan Mingda Supermarket has been continuously upgraded and iterated.</p><p><img src=\"https://static.tigerbbs.com/a50fe022c1ac59404916cc171b210efa\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>The rapid development of the instant retail format has significantly increased the order volume of Xiaomi mobile phone \"30-minute door-to-door delivery\"</p><p>Meituan's smart warehouse can internally improve operating efficiency and warehouse utilization, reduce sorting difference rates, and gradually form warehouse distribution software and hardware systems and integrated digital intelligence solutions for the industry that meet massive business and operate efficiently., through application implementation, reverse drive the development of the warehousing robot industry.</p><p>Up to now, in the supermarket business including fresh food and miscellaneous food, the performance timeliness of Meituan Maicai is equivalent to that of Dingdong Maicai and Pupu Supermarket. In terms of all categories of business, Meituan's flash sale performance timeliness is industry-leading.</p><p>Then there's the ability to go deep into the supply chain.</p><p>The traditional retail supply chain has multiple supply chain links, and the final selling price is often about 50% higher than the ex-factory price. Part of the reason is that terminal stores have to charge suppliers admission fees, display fees, new product fees, etc., which is an important source of income and profit for the former.</p><p>Costco eliminates the distribution link through direct procurement. Most goods are directly purchased from external manufacturers, and the manufacturers send them directly to warehousing stores or first transport them to central warehouses, and then send them to each warehousing store. Due to the small variety and large purchase volume, Costco has strong bargaining power with suppliers, and Costco's selection of suppliers is relatively scattered. The proportion of purchases from a single supplier is relatively low, which has little impact on Costco. In addition, Costco has also developed its own brand Kirkland Signature to establish bread factories, meat factories, packaging centers, central pharmacies, etc.</p><p>Meituan Mingrida Supermarket also has a variety of its own brand models, that is, by customizing products of special sizes and specifications for platform users, or through brand co-branding, OEM, etc., it produces products that meet the high-frequency, just-needed and low-priced products of platform users.</p><p>The product quality of Mingda Supermarket depends on the construction of the supply chain. As the core commodity of community group buying, fresh food has a wide variety of categories, different storage conditions and origins, which requires extremely high construction and management of the supply chain of community group buying platform. Thus, for the platform<b>On the one hand, it is necessary to strengthen the construction and layout of cold chain; On the other hand, close cooperation with upstream suppliers is needed.</b></p><p>Building a cold chain system is the only way for Tomorroda Supermarket to ensure the fresh quality. All along, the proportion of fresh food logistics applications in China has been low. According to the iResearch, in 2018, the cold chain logistics application ratio of Chinese fruit and vegetable products was 25%, meat 34%, and aquatic products 40%, which is far less than the cold chain application ratio of more than 90% in developed countries. Relevant companies have also made further arrangements. Meituan and Pinduoduo continue to invest in community group buying business, and will further strengthen the construction of cold chain and logistics to prevent agricultural products from deteriorating.</p><p>When it comes to a huge terminal service network, with a solid contract performance and supply chain as the \"foundation\", the \"building\" of retail can stand firmly.</p><p><b>Do you want traffic or do retail?</b></p><p>Meituan is engaged in instant retail, intending to be the next Ali or JD.com? From the current point of view, the answer is no.</p><p>Different from the previous stage of retail e-commerce, Meituan no longer pursues traffic and scale effects, but pays more attention to the service and performance capabilities emphasized by the traditional retail industry.</p><p>In essence, e-commerce pursues scale, whether it is the number of users or the number of SKUs, and it pursues \"universal stores\"; But what traditional supermarkets pursue is to \"provide differentiated services for local residents\".</p><p>For example, Wal-Mart pursues \"daily parity\", emphasizing that local consumers can \"get ultra-low prices\" by relying on supply chain management capabilities and commodity operation capabilities, while Meituan invests in instant logistics to allow residents to enjoy the \"instant availability\" of local retail.</p><p>In the battlefield of instant retail, the ability to fulfill contracts is Meituan's core competitiveness. Meituan has a nationwide distribution network and efficient fulfillment capabilities. Therefore, there is a strong advantage in distribution. At the same time, the system of deep cultivation of local retail for many years has enabled Meituan to empower merchants through digital operations and offline business development, and has accumulated the largest local merchant base and diversified supply across categories.</p><p><img src=\"https://static.tigerbbs.com/583c83d101c2390110cfd4588b34d290\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Meituan's instant retail business flash sale daily order volume reached a new high of 9.7 million orders during this year's Chinese Valentine's Day</p><p>Take Meituan Shopping as an example. According to Tiger Sniff, at the pickup point of \"Meituan Shopping\" near Chaoyang North Road in Beijing, at 6 o'clock in the morning, the truck had already delivered the goods for the day. In the blue transfer box printed with Meituan LOGO, there are many commodities other than vegetables: washbasin, cooking machine, barbecue grill, cat litter, facial mask, bottled mineral water...</p><p>A few years ago, this pick-up point was just a \"vegetable and fruit distribution center\", and riders mostly transported fruits and vegetables back and forth. Today, this pick-up point has become a large \"grocery store\", where riders will transport everything from fruits and vegetables to Lego toys.</p><p>295 kilometers away from this pick-up point, the owner of a small snack shop in Shijiazhuang started the \"subversive transformation\" of the store after choosing to settle in Meituan. He purchased more than a dozen shelves and recruited eight sorters in one breath. After this transformation, the original snack shop has become a grocery store that \"welcomes customers online\": the number of SKUs has increased from more than 1,000 to more than 3,000.</p><p>Overall,<b>Meituan's retail business is equivalent to two types of \"supermarkets\", one is the \"Tomorrow Supermarket\" dominated by Meituan Optimal, and the other is instant retail dominated by Meituan Flash Sales and Meituan Grocery Shopping.</b>The combination of the two almost covers the immediate emergency needs and sub-emergency living needs of most people.</p><p>For supermarkets and convenience stores, instant retail helps them insert \"wings\", reduces their dependence on store location, reduces the pressure of customer acquisition and drainage, greatly broadens the coverage of people, and improves service capabilities. There is a new solution to the upgrading of the entity industry.</p><p>Meituan describes itself as a local chain technology retail company dedicated to meeting the deterministic needs of consumers. The future,<b>Further expanding supply, reducing costs and increasing efficiency, upgrading user experience, allowing merchants to expand revenue, and solving the three roads of \"from scratch, from existence to good, and from good to precision\" in the retail field are important issues for Meituan.</b></p><p></body></html></p>","source":"lsy1598506047654","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Watching the World Cup at home, Meituan has become an instant supermarket</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWatching the World Cup at home, Meituan has become an instant supermarket\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">深燃</strong><span class=\"h-time small\">2022-11-26 09:21</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Noisy bars, screaming at the top of their lungs, players running wildly on the projection giant screen, clinking glasses and cheering of several brothers in the audience... The quadrennial World Cup and the carnival of fans used to present such scenes.</p><p>The 2022 World Cup is destined to be different. In winter, the competition is superimposed on the epidemic situation, and remote gatherings and watching football at home have become a new trend.</p><p>\"Although I have to watch the football at home this year, the atmosphere can't be lost.\" Li Jing, a fan in Beijing, said that due to the epidemic situation, he and his friends only learned one day in advance that they could watch the opening game at home. Even if time was tight, they had to create an \"immersive\" atmosphere of watching the football at home. He ordered a projector through take-out, and \"it was delivered in an hour\".</p><p>Li Jing's instant shopping is not an exception. According to the data of Meituan, three days before the opening, the take-out orders of projectors on Meituan increased by 165% year-on-year and 34% month-on-month; The takeaway orders of speakers increased by more than 100% year-on-year and 29% month-on-month. At the same time, in order to have a smoother World Cup viewing experience, many fans also buy routers and WIFI signal boosters on instant retail platforms. For a time, the World Cup drove the sales of such goods to be popular.</p><p>For a more perfect immersive football watching, beer drinks, jerseys, star cards, mascot pendants, World Cup badges, fan speakers and other peripheral products are naturally indispensable. These can basically be done in one stop on the take-out platform. Meituan officially revealed that on the opening day of the World Cup alone, the overall orders for beer, beverages, snacks and fruit takeout nationwide increased by 31% month-on-month and 27% compared with the same period last year.</p><p>The latest financial report data also verifies this phenomenon. On November 25, Meituan released its third-quarter financial report. The highlight of the financial report is that instant retail characterized by \"local stores + instant delivery\" is becoming more and more popular with consumers. Driven by this, in the third quarter, Meituan instant delivery orders The number increased to 5 billion.</p><p>Today's take-out platform is more like a supermarket department store than a life service platform. Consumers can buy fresh ingredients, flowers, medicines, meals, groceries, and even electronic products and clothing such as iPhones on Meituan, and they can be delivered to their doors in only 30 minutes. This deterministic instant consumption has greatly improved the user experience, and also driven the online and digital development of local physical retail.</p><p><b>Everything Available for Takeout</b></p><p>In addition to watching the World Cup at home, taking out orders for drinks, meals, stereos, and projectors, in our lives nowadays, everything can be taken out, and all kinds of retailers can also provide online and offline dual services.</p><p>Li Di, born in the 1990s, opened a department store named \"Tibetan Fun Pavilion\" in Zhengzhou. At the beginning of this year's school season, woven bags have become the best-selling commodity in its online stores, and nearly a thousand orders have been sold by take-out in the past month.</p><p>Previously, Li Di ran an offline convenience store and closed the door due to rent pressure. In 2018, it moved to the remote location where it is currently located, and provided daily necessities for surrounding customers by launching Meituan instant retail.<b>Li Di said that although the current offline stores are located in a biased position, there are many schools around them, and the young people living there are densely populated. The online passenger flow is more than the original offline \"golden location\" customers.</b></p><p>\"A 'packing artifact' like woven bags is urgently needed when needed, but it is generally not sold in supermarkets. Customers place orders through the take-out platform, and riders can deliver them to their homes in half an hour.\" Li Di said that there are still many such demands. During the beginning of school, many students will buy woven bags for clothes and quilts, and by the way, see if there are any other needed goods in the store. Woven bags have become a drainage tool, which has also driven the growth of sales of other commodities.</p><p><img src=\"https://static.tigerbbs.com/fefab3dc0124fd53cee65f449ca53540\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Consumers can now buy fresh ingredients, flowers, medicines, and meals at Meituan, and they can be delivered to their doors in just thirty minutes</p><p>According to data from Meituan, during the school season in late August, the sales of luggage-related supplies on the platform rose sharply. Among them, the sales of woven bags increased by 128% from July and 231% from the same period last year.</p><p>Li Di's story is just a microcosm of the instant retail craze. Under the tide of instant retail, more and more small convenience stores have settled in the Meituan platform. You know,<b>There are nearly 7 million mom-and-pop stores and small convenience stores in the whole Chinese market, contributing 40% of the shipments of retail channels.</b></p><p>The third quarter financial report shows that the transaction volume of convenience stores and supermarkets on the Meituan platform increased by 27.9% and 62% year-on-year respectively, and the order volume of husband and wife stores increased by as much as 125% year-on-year. In addition, Meituan Flash Sale has also strengthened cooperation with traditional physical retail brands. For example, the coverage of authorized dealers of Apple products on the platform has expanded to more than 200 cities, and the sales of iPhone 14 grew strongly on the day of its release; In addition, hundreds of Suning.cn stores are launched on the platform. Driven by this, the number of active merchants and new merchants of Meituan Flash Sale increased by 30% year-on-year this quarter.</p><p>Instant retail with supply as the center of the circle and a radius of three kilometers has become the general trend. The \"China Online Retail Market Development Report in the First Half of 2022\" released by the Ministry of Commerce clearly mentioned \"instant retail\" and pointed out its important value in \"deep integration of online and offline\". According to the \"Research White Paper on the Open Platform Model of Instant Retail\", it is estimated that by 2025, the scale of the open platform of the instant retail model alone will reach about 1.2 trillion yuan.</p><p>From a local life service platform to a supermarket department store, how did Meituan transform?</p><p>Behind this is the strategic shift of Meituan. As early as September 2021, Meituan CEO Wang Xing announced that Meituan's strategy would be upgraded from \"Food + Platform\" to \"Retail + Technology\", bringing retail and technology to a strategic level for the first time.</p><p>How to interpret this strategy? Retail refers to the sale of products or services to end customers, which can be divided into two categories: commodity retail and service retail. End customers include consumers and small and medium-sized merchants. Meituan focuses on the field of commodity retail.</p><p>In order to meet the daily needs of local consumers, Meituan has built a variety of local retail business forms, and expanded commodity retail from food to more categories through a variety of business forms to meet the consumer needs of different regions/markets and scenarios. For example, Meituan flash sale and Meituan grocery shopping are instant retail with 30-minute delivery, while Meituan Mingda Supermarket ensures that the national goods can be reached the next day through self-built warehousing and other supply chain systems.</p><p><b>The hard work behind instant retail</b></p><p>Whether it's 30 minutes or the next day, it takes hard work behind it.</p><p>Meituan's retail business relies on the performance and supply chain capabilities behind it. Specifically, the first is to improve the efficiency and ability of contract performance through the construction of real-time logistics system, smart warehousing and sorting, etc.; The second is to go deep into the upstream of the supply chain, reduce supply costs through direct procurement from local large-scale producing areas and self-owned brand construction, and ultimately benefit consumers.<b>The former aims to be \"faster and more stable\", while the latter aims to be \"good quality and low price\".</b></p><p>Let's look at the performance ability first.</p><p>Logistics efficiency will greatly affect the efficiency of supermarkets. Take American retail giants such as Wal-Mart and Amazon as examples. They all have their own logistics fulfillment systems. Wal-Mart has more than 60 distribution centers in the United States, thousands of distribution vehicles equipped with vehicle positioning systems, and thousands of workers in the distribution centers work in shifts 24 hours a day. Amazon delivered about 4.4 billion express deliveries in 2018. Amazon built its own shipping containers, large cargo planes and tractor trailers. Amazon owns 10,000 trucks, cargo ships and planes, and has opened its own regional aviation center.</p><p>This is also what Meituan is doing on the fulfillment side. In 2021, Meituan Waimai delivered approximately 14.4 billion orders. Based on the real-time logistics system, intelligent dispatching system, and technological applications such as drones and automatic delivery vehicles covering more than 2,800 cities and counties across the country, Meituan's real-time delivery can Provide consumers with 30-minute instant delivery service.</p><p>Taking Meituan Retail's intelligent warehouse robot as an example, starting from the warehouse sorting business scenario, the intelligent warehouse has successively completed technologies such as intelligent frozen product sorting to the line, intelligent double-layer sorting to the group, and AMR (autonomous mobile robot). With this, the warehousing and logistics technology of Meituan Mingda Supermarket has been continuously upgraded and iterated.</p><p><img src=\"https://static.tigerbbs.com/a50fe022c1ac59404916cc171b210efa\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>The rapid development of the instant retail format has significantly increased the order volume of Xiaomi mobile phone \"30-minute door-to-door delivery\"</p><p>Meituan's smart warehouse can internally improve operating efficiency and warehouse utilization, reduce sorting difference rates, and gradually form warehouse distribution software and hardware systems and integrated digital intelligence solutions for the industry that meet massive business and operate efficiently., through application implementation, reverse drive the development of the warehousing robot industry.</p><p>Up to now, in the supermarket business including fresh food and miscellaneous food, the performance timeliness of Meituan Maicai is equivalent to that of Dingdong Maicai and Pupu Supermarket. In terms of all categories of business, Meituan's flash sale performance timeliness is industry-leading.</p><p>Then there's the ability to go deep into the supply chain.</p><p>The traditional retail supply chain has multiple supply chain links, and the final selling price is often about 50% higher than the ex-factory price. Part of the reason is that terminal stores have to charge suppliers admission fees, display fees, new product fees, etc., which is an important source of income and profit for the former.</p><p>Costco eliminates the distribution link through direct procurement. Most goods are directly purchased from external manufacturers, and the manufacturers send them directly to warehousing stores or first transport them to central warehouses, and then send them to each warehousing store. Due to the small variety and large purchase volume, Costco has strong bargaining power with suppliers, and Costco's selection of suppliers is relatively scattered. The proportion of purchases from a single supplier is relatively low, which has little impact on Costco. In addition, Costco has also developed its own brand Kirkland Signature to establish bread factories, meat factories, packaging centers, central pharmacies, etc.</p><p>Meituan Mingrida Supermarket also has a variety of its own brand models, that is, by customizing products of special sizes and specifications for platform users, or through brand co-branding, OEM, etc., it produces products that meet the high-frequency, just-needed and low-priced products of platform users.</p><p>The product quality of Mingda Supermarket depends on the construction of the supply chain. As the core commodity of community group buying, fresh food has a wide variety of categories, different storage conditions and origins, which requires extremely high construction and management of the supply chain of community group buying platform. Thus, for the platform<b>On the one hand, it is necessary to strengthen the construction and layout of cold chain; On the other hand, close cooperation with upstream suppliers is needed.</b></p><p>Building a cold chain system is the only way for Tomorroda Supermarket to ensure the fresh quality. All along, the proportion of fresh food logistics applications in China has been low. According to the iResearch, in 2018, the cold chain logistics application ratio of Chinese fruit and vegetable products was 25%, meat 34%, and aquatic products 40%, which is far less than the cold chain application ratio of more than 90% in developed countries. Relevant companies have also made further arrangements. Meituan and Pinduoduo continue to invest in community group buying business, and will further strengthen the construction of cold chain and logistics to prevent agricultural products from deteriorating.</p><p>When it comes to a huge terminal service network, with a solid contract performance and supply chain as the \"foundation\", the \"building\" of retail can stand firmly.</p><p><b>Do you want traffic or do retail?</b></p><p>Meituan is engaged in instant retail, intending to be the next Ali or JD.com? From the current point of view, the answer is no.</p><p>Different from the previous stage of retail e-commerce, Meituan no longer pursues traffic and scale effects, but pays more attention to the service and performance capabilities emphasized by the traditional retail industry.</p><p>In essence, e-commerce pursues scale, whether it is the number of users or the number of SKUs, and it pursues \"universal stores\"; But what traditional supermarkets pursue is to \"provide differentiated services for local residents\".</p><p>For example, Wal-Mart pursues \"daily parity\", emphasizing that local consumers can \"get ultra-low prices\" by relying on supply chain management capabilities and commodity operation capabilities, while Meituan invests in instant logistics to allow residents to enjoy the \"instant availability\" of local retail.</p><p>In the battlefield of instant retail, the ability to fulfill contracts is Meituan's core competitiveness. Meituan has a nationwide distribution network and efficient fulfillment capabilities. Therefore, there is a strong advantage in distribution. At the same time, the system of deep cultivation of local retail for many years has enabled Meituan to empower merchants through digital operations and offline business development, and has accumulated the largest local merchant base and diversified supply across categories.</p><p><img src=\"https://static.tigerbbs.com/583c83d101c2390110cfd4588b34d290\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Meituan's instant retail business flash sale daily order volume reached a new high of 9.7 million orders during this year's Chinese Valentine's Day</p><p>Take Meituan Shopping as an example. According to Tiger Sniff, at the pickup point of \"Meituan Shopping\" near Chaoyang North Road in Beijing, at 6 o'clock in the morning, the truck had already delivered the goods for the day. In the blue transfer box printed with Meituan LOGO, there are many commodities other than vegetables: washbasin, cooking machine, barbecue grill, cat litter, facial mask, bottled mineral water...</p><p>A few years ago, this pick-up point was just a \"vegetable and fruit distribution center\", and riders mostly transported fruits and vegetables back and forth. Today, this pick-up point has become a large \"grocery store\", where riders will transport everything from fruits and vegetables to Lego toys.</p><p>295 kilometers away from this pick-up point, the owner of a small snack shop in Shijiazhuang started the \"subversive transformation\" of the store after choosing to settle in Meituan. He purchased more than a dozen shelves and recruited eight sorters in one breath. After this transformation, the original snack shop has become a grocery store that \"welcomes customers online\": the number of SKUs has increased from more than 1,000 to more than 3,000.</p><p>Overall,<b>Meituan's retail business is equivalent to two types of \"supermarkets\", one is the \"Tomorrow Supermarket\" dominated by Meituan Optimal, and the other is instant retail dominated by Meituan Flash Sales and Meituan Grocery Shopping.</b>The combination of the two almost covers the immediate emergency needs and sub-emergency living needs of most people.</p><p>For supermarkets and convenience stores, instant retail helps them insert \"wings\", reduces their dependence on store location, reduces the pressure of customer acquisition and drainage, greatly broadens the coverage of people, and improves service capabilities. There is a new solution to the upgrading of the entity industry.</p><p>Meituan describes itself as a local chain technology retail company dedicated to meeting the deterministic needs of consumers. The future,<b>Further expanding supply, reducing costs and increasing efficiency, upgrading user experience, allowing merchants to expand revenue, and solving the three roads of \"from scratch, from existence to good, and from good to precision\" in the retail field are important issues for Meituan.</b></p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/0R8v4xOZk3fSuyXOWQTVNQ\">深燃</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e1238455e09ac8d1135014cb37eb0f4d","relate_stocks":{"LU0348816934.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (USD)","03690":"美团-W","LU1807302812.USD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (USD) ACC","LU0029875118.USD":"TEMPLETON ASIAN GROWTH \"A\" INC","LU0577902538.SGD":"Fullerton Lux Funds - Asia Growth and Income Equities A Acc SGD","LU0417516738.SGD":"Allianz Hong Kong Equity AT Acc SGD","LU0348735423.USD":"ALLIANZ HONG KONG EQUITY \"A\" 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SGD","LU0431992006.USD":"摩根大通新兴市场机会A（acc）","LU0918141887.USD":"安联亚洲实际收益股票基金","LU0823040885.USD":"东方汇理新兴市场焦点股票基金"},"source_url":"https://mp.weixin.qq.com/s/0R8v4xOZk3fSuyXOWQTVNQ","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1111376633","content_text":"喧闹的酒吧、声嘶力竭的呐喊、投影巨幕上狂奔的球员、台下哥几个的碰杯欢呼……四年一次的世界杯，球迷的狂欢节，以往呈现的多是这样的景象。2022年的世界杯注定不一样。冬季比赛叠加疫情影响，远程聚会、宅家看球成了新潮流。“今年虽然要宅家看球，但是氛围不能输。”北京的球迷李景说，由于疫情居家办公，他和朋友们提前一天才得知可以在家看揭幕战，即便时间紧，也要打造“沉浸式”宅家看球氛围，他通过外卖下单了一台投影仪，“一个小时就送到了”。李景的即时性购物并非个例，美团方面的数据显示，开幕前三天，美团上投影仪的外卖单量同比上涨165%，环比上涨34%；音箱的外卖单量同比上涨超过100%，环比上涨29%。与此同时，为了更流畅的世界杯观赛体验，不少球迷还在即时零售平台购买路由器和WIFI信号增强器。一时间，世界杯带动该类商品销量走俏。更完美的沉浸式看球，自然少不了啤酒饮料、球衣、球星卡、吉祥物挂件、世界杯徽章、球迷喇叭等周边商品，这些基本都能在外卖平台一站搞定。美团官方透露，仅世界杯开幕当日，全国啤酒、饮料、零食、水果外卖整体订单环比增长31%，较去年同期增长27%。最新的财报数据，也侧面验证了这一现象。11月25日，美团发布三季度财报，财报的亮点是以“本地门店+即时配送”为特征的即时零售越来越受到消费者的欢迎，在此带动下，三季度，美团即时配送订单数增长至50亿笔。如今的外卖平台，与其说是个生活服务平台，更像一个超市百货店。消费者可以在美团上买生鲜食材、买花、买药、买饭、买杂货，甚至还可以买iPhone等电子产品和服装，而且只要三十分钟，就能送上门。这一确定性的即时消费，极大提高了用户体验，也带动了本地实体零售实现线上化、数字化发展。万物皆可外卖除了宅家看世界杯，外卖下单酒水餐食、音响、投影仪，如今我们的生活中，已经是万物皆可外卖了，各类零售商家也都能提供线上线下双重服务。90后的李迪，在郑州开了一家名为“藏趣阁”的百货店。今年开学季，编织袋成了其线上门店最热销商品，近一个月时间靠外卖就销售了近千单。此前，李迪经营着一家线下便利店，迫于房租压力关了门。2018年搬迁至目前所在的偏僻位置，通过上线美团即时零售的方式，为周边顾客提供日用百货。李迪介绍说，现在的线下门店位置虽然偏，但周边学校多，居住的年轻群体密集，线上客流量比原来线下“黄金位置”的客群还要多。“类似编织袋这种‘打包神器’，需要的时候是急需品，但一般超市又不卖，顾客通过外卖平台下单，骑手半个小时就能送到家。”李迪说，这样的需求还有很多。开学的那段时间，很多学生会买编织袋装衣服、被子，顺便看看店里有没有其他需要的商品。编织袋成了引流工具，也带动了其他商品销量的增长。消费者如今可以在美团买生鲜食材、买花、买药、买饭，只要三十分钟，就能送上门根据美团的数据显示，8月下旬的开学季，平台上行李相关用品销量大幅攀升，其中，编织袋销量环比7月增长128%，比去年同期增长231%。李迪的故事只是即时零售大热的一个缩影。在即时零售的大潮下，越来越多的小型便利店入驻美团平台。要知道，整个中国市场有将近700万家的夫妻老婆店、小便利店，贡献了零售渠道40%的出货量。三季度财报显示，美团平台上便利店和超市的交易量分别同比增长27.9%和62%，夫妻小店订单量同比增幅高达125%。除此之外，美团闪购也加强了与传统实体零售品牌的合作，例如，平台上苹果产品的授权经销商覆盖扩展至超过200个城市，iPhone14于发布当日的销量增长强劲；此外，数百家苏宁易购店铺上线平台。在此带动下，本季度美团闪购活跃商家及新入驻商家均同比增长30%。以供给为圆心，三公里为半径的即时零售已经成为大势所趋。商务部发布的《2022年上半年中国网络零售市场发展报告》中明确提及“即时零售”，并指出其在“线上线下深度融合”中的重要价值。《即时零售开放平台模式研究白皮书》显示，预计到2025年，即时零售模式仅开放平台的规模就将达到约1.2万亿元。从本地生活服务平台到一家超市百货店，美团是如何变身的？这背后是美团的战略转向。早在2021年9月，美团CEO王兴宣布，将美团的战略从“Food+Platform”升级为“零售+科技”，首次把零售和科技提到战略高度。如何解读这一战略？零售即向终端客户销售产品或服务，可分为商品零售和服务零售两类，终端客户包括消费者，也包括中小型商家，美团重点在商品零售领域发力。为满足本地消费者日常生活需求，美团构建了本地零售多种业务形态，通过多种业务形态将商品零售从食品拓展至更多品类，满足不同地区/市场、不同场景下的消费需求。如美团闪购和美团买菜为30分钟送达的即时零售，美团明日达超市则通过自建仓储等供应链体系，确保全国货物次日可达。即时零售背后的硬功夫不管是30分钟达还是次日达，背后需要的都是硬功夫。美团的零售业务依靠的就是背后的履约和供应链能力。具体来看，一是通过即时物流体系、智慧仓储分拣等的建设，提高履约的效率和能力；二是深入供应链上游，通过本地大规模产地直采和自有品牌建设，降低供应成本，最终让利消费者。前者目标是“更快更稳”，后者目标是“物美价廉”。先来看履约能力。物流效率会极大影响超市的效率。以沃尔玛、亚马逊等美国零售巨头为例，他们都有自己的物流履约体系。沃尔玛在全美拥有超过60个配送中心，拥有几千辆安装了车载定位系统的配送汽车，配送中心上千名工人24小时倒班作业。亚马逊在2018年就配送约44亿个快递，亚马逊构建了自己的海运集装箱、大型货运飞机和牵引挂车。亚马逊旗下拥有1万辆货车，还有货船和货机，以及开设了自己的区域航空中心。这也是美团正在履约端所做的事情。2021年，美团外卖配送了约144亿笔订单，基于覆盖全国2800多个市区县的即时物流体系、智能调度系统，以及无人机、自动配送车等科技应用，美团即时配送能够为消费者提供30分钟即时送达服务。以美团零售的智能仓内机器人为例，从仓库分拣业务场景入手，智能仓相继完成了智能冻品分拣到线、智能双层分拣到团、AMR（自主移动机器人）等技术落地。借此，美团明日达超市仓储物流技术不断升级迭代。即时零售业态的迅速发展，让小米手机“30分钟送货上门”的订单量提升显著美团的智能仓，对内可以提高作业效率和仓库利用率，降低分拣差异率，对行业可以逐步沉淀形成满足海量业务、高效运转的仓配软硬件系统和一体化数智化的解决方案，通过应用落地反向驱动仓储机器人行业发展。截至目前，在包括生鲜食杂在内的超市品类业务上，美团买菜的履约时效等同于叮咚买菜、朴朴超市等。在全品类业务上，美团闪购的履约时效为全行业领先。然后是深入供应链的能力。传统零售的供应链，有多个供应链环节，最终售价往往比出厂价高约50%。一部分原因是，终端卖场要向供应商收取入场费、陈列费、新品费等，这是前者重要的收入和利润来源。Costco就通过直采省去经销环节，大部分商品从外部厂家直采，生产商直接发往仓储门店或先运送至中心仓，再发往各仓储门店。因品种少、采购量大，Costco对供应商的议价能力较强，且Costco对供应商的选择比较分散，单个供应商的采购占比较低，对Costco影响较小。另外，Costco还开发自有品牌Kirkland Signature，建立面包工厂、肉类工厂、包装中心、中央药房等。美团明日达超市也有多种自有品牌模式，即通过为平台用户定制特殊尺寸、规格产品，或者通过品牌联名、代工等方式，产生符合平台用户高频、刚需、低价的产品。明日达超市的商品品质正是取决于供应链建设，生鲜作为社区团购的核心商品，品类繁多，储存条件、产地也各不相同，对于社区团购平台供应链的建设和管理要求极高。因此，对于平台来说，一方面，需要加强冷链建设和布局；另一方面，需要与上游供应商紧密合作。建设冷链体系，是明日达超市保障生鲜品质的必经之路。一直以来，中国生鲜品类物流应用比例较低。据艾瑞咨询，2018 年中国果蔬类产品冷链物流应用比例 25%，肉类34%，水产类 40%，远小于发达国家的冷链应用比例 90%以上。相关公司也有进一步布局，美团和拼多多对于社区团购业务持续投入，将进一步加强对于冷链和物流的建设，防止农产品变质。涉及到庞大的末端服务网络，有了扎实的履约和供应链作为“地基”，零售的“大厦”才能稳固屹立。要流量还是做零售？美团做即时零售，意在下一个阿里或者京东？从目前看来，答案是否定的。区别于上一个阶段的零售电商，美团不再追求流量和规模效应，而是更看重传统零售行业强调的服务和履约能力。从本质上来看，电商追求的是规模，不管是用户数还是SKU的数量，追求的是“万有商店”；但传统商超追求的是“为本地居民提供差异化服务”。例如，沃尔玛追求的是“天天平价”，强调的是依靠供应链管理能力和商品运营能力来让本地消费者“得到超低价”，而美团则是通过对即时物流的投入建设，让居民享受本地零售的“即时可得”。在即时零售这一战场，履约能力是美团的核心竞争力。美团拥有遍布全国的配送网络和高效的履约能力。因此，在配送方面有强大的优势。与此同时，多年深耕本地零售的体系，使得美团有能力通过数字化运营和线下业务发展为商户赋能，积累了最大的本地商户基础和跨类别的多样化供给。美团即时零售业务闪购日订单量于今年七夕节时达到970万单的新高以美团买菜为例，据虎嗅报道，北京朝阳北路附近的“美团买菜”提货点，早上6点多，货车已经把一天的货物送来。在印着美团LOGO的蓝色转运箱中，装着很多蔬菜之外的商品：脸盆、料理机、烤肉架、猫砂、面膜、桶装矿泉水……几年前，这个提货点还只是一个“蔬菜水果集散地”，骑手往来运送的也多为蔬果。如今，这个提货点变成了一个大型“杂货铺”，骑手会运送从蔬果到乐高玩具的各类物件。在距离这个提货点295公里外，石家庄一位零食小店老板在选择入驻美团后，开始了对门店的“颠覆性改造”。他一口气采购了十几个货架、又招聘了8个分拣员。经过这番改造，原本的零食小店变为了一个“线上迎客”的杂货铺：SKU从原本1000余个，上升为3000多个。总的来说，美团的零售业务相当于两类“超市”，一是由美团优选为主的“明日达超市”，另一个是由美团闪购、美团买菜为主的即时零售。二者搭配，几乎包揽了大部分人的即时紧急需求和次紧急生活需求。对商超便利店来说，即时零售帮他们插上了“翅膀”，减轻了对门店选址的依赖，降低了获客引流压力，大大拓宽了覆盖人群，提高了服务能力。实体行业升级有了新解法。美团称自己是一家致力于满足消费者确定性需求的本地连锁科技零售企业。未来，进一步扩大供给、降本增效，让用户体验升级，让商家扩大收益，解决零售领域“从无到有、从有到好、从好到精准”的三段道路，是美团的重要课题。","news_type":1,"symbols_score_info":{"QNETCN":0.9,"03690":0.9}},"isVote":1,"tweetType":1,"viewCount":1086,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9966340107,"gmtCreate":1669427152209,"gmtModify":1676538195782,"author":{"id":"3577362879194763","authorId":"3577362879194763","name":"ivyteo6911","avatar":"https://static.tigerbbs.com/b70214e6e148476bcc23102cef4a8dc3","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577362879194763","authorIdStr":"3577362879194763"},"themes":[],"htmlText":"<a 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Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1677985265,"share":"https://ttm.financial/m/news/2316139645?lang=en_US&edition=fundamental","pubTime":"2023-03-05 11:01","market":"other","language":"en","title":"Looking for Stock Dividends of 9% to 11%? That's What These ETF Managers Are Aiming for With an AI-Aided Strategy","url":"https://stock-news.laohu8.com/highlight/detail?id=2316139645","media":"Dow Jones","summary":"The JPMorgan Nasdaq Equity Premium Income ETF uses artificial intelligence to help with stock select","content":"<html><head></head><body><blockquote>The JPMorgan Nasdaq Equity Premium Income ETF uses artificial intelligence to help with stock selection. It uses a covered call strategy to pay high dividends.</blockquote><p>Rising interest rates have made bonds more attractive over the past year, but they have also led to higher volatility for stocks. And that means higher dividend income for equity funds that write covered call options. Income-seeking investors should at least become familiar with these strategies.</p><p>The JPMorgan Nasdaq Equity Income ETF <a href=\"https://laohu8.com/S/JEPQ\">$(JEPQ)$</a> has grown to $1.6 billion in assets under management in only 10 months. Hamilton Reiner, one of the fund&#39;s co-managers, explained its strategy and contrasted it with the $JPMorgan Equity Premium Income ETF.</p><p>The main difference between JEPQ and JEPI is how the exchange-traded funds select stocks. JEPI is benchmarked to the S&amp;P 500 and holds between 100 and 150 stocks selected by its managers with the assistance of JPMorgan&#39;s equity analysts.</p><p>JEPQ is benchmarked to the Nasdaq-100 Index, which is made up of the largest 100 nonfinancial companies within the full Nasdaq Composite Index. But it is not limited to the Nasdaq-100.</p><p>Reiner, who is head of U.S. Equity Derivatives at JPMorgan Asset Management, explained that he and co-managers Andrew Stern and Eric Moreau select stocks for JEPQ with the assistance of artificial intelligence technology that analyzes thousands of corporate filings and  financial reports to project &#34;earnings estimates three to five years out.&#34;</p><p>Selected companies aren&#39;t limited to those in the Nasdaq-100. For example, PepsiCo Inc. <a href=\"https://laohu8.com/S/PEP\">$(PEP)$</a> is a component of the Nasdaq-100, but JEPQ holds shares of Coca-Cola Co. <a href=\"https://laohu8.com/S/KO\">$(KO)$</a>, which isn&#39;t a component of the index, because &#34;it is more attractive per our process,&#34; Reiner said.</p><p><b>What type of investor is JEPQ designed for?</b></p><p>JEPQ&#39;s stated goals are to generate monthly income by selling covered call options and holding a portfolio of large-cap stocks. It&#39;s benchmarking to the Nasdaq-100 makes for heavy weighting to technology companies. Long-term growth is a secondary objective of the fund. A third goal is to maximize &#34;risk-adjusted expected returns&#34; through the AI component of its stock selection process.</p><p>In other words, JEPQ can be an appropriate investment for you if you want monthly income and if you want an investment that will be less volatile over time than the Nasdaq-100 index, which itself is tracked by the Invesco QQQ Trust <a href=\"https://laohu8.com/S/QQQ\">$(QQQ)$</a>.</p><p>Reiner said JEPQ shareholders can expect the fund&#39;s monthly distributions to equate to annual yields ranging between 9% and 11%. He also expects JEPQ to capture less of QQQ&#39;s downside during market declines, along with &#34;some of the equity upside,&#34; for similar overall performance if dividends are reinvested.</p><p>All of this means that equity funds with covered call strategies are best for investors who want the income and/or wish to smooth out performance, especially during downcycles in the stock market. Since the monthly distributions are taxed (unless the investment is in a tax-deferred retirement account), an investor who wants to pursue a pure long-term growth strategy might be better served with a fund that doesn&#39;t emphasize dividends.</p><p><b>Covered call strategies</b></p><p>The use of options to enhance income for stock funds is nothing new, but the strategy gained popularity during the long period of low interest rates and became even more popular during the bear market of 2022.</p><p>A call option is a contract that allows an investor to buy a security at a particular price (called the strike price) until the option expires. A put option is the opposite, allowing the purchaser to sell a security at a specified price until the option expires.</p><p>A covered call option is one an investor can write when they already own a security. The strike price is typically &#34;out of the money,&#34; which means it is higher than the stock&#39;s current price.</p><p>For example, you might hold 100 shares of a stock that is currently trading for $100 a share. You like the stock, but would be willing to part with it for a certain price, say $110. You sell a call option for a fee to an investor who believes the shares will trade much higher than $110 before the option expires. If the stock then moves above $110, you are forced to sell it for that price. You keep your option fee, but now need to find something else to invest in. But if the stock doesn&#39;t rise above $110 before the option expires, you still keep your option premium and are free to write another call option.</p><p>This type of activity during a period of high volatility can enhance income greatly. It also makes a portfolio less volatile than the broad market. The price you pay is that you give up some of the upside. In the above example, if the stock had doubled to $200, you would still be forced to sell it for $110.</p><p>Investors looking to make use of such an active strategy might best be served doing so through mutual funds or exchange-traded funds.</p><p>JEPQ makes used of equity-linked notes to pursue its covered-call strategy with up to 20% of the fund&#39;s portfolio. See the JEPI article for an actual covered-call trade example and more about equity-linked notes.</p><p>JEPQ&#39; stock selection process and use of equity-linked notes to pursue its covered all strategy also stand in contrast to the <a href=\"https://laohu8.com/S/EFFE\">Global X</a> NASDAQ 100 Covered Call ETF <a href=\"https://laohu8.com/S/QYLD.UK\">$(QYLD.UK)$</a>, which also pays monthly dividends while holding all the stocks in QQQ and writing covered call options on the entire Nasdaq-100.</p><p><b>Performance</b></p><p>JEPQ is less than a year old, a short period for a fund, although growing to $1.6 billion since the fund was launched on May 3 underlines how quickly investors have warmed to the strategy. For a benchmark comparison, here&#39;s how the fund has performed on a total return basis, with dividends reinvested, against QQQ and QYLD since inception:</p><p><img src=\"https://static.tigerbbs.com/d046b5f7c55b87c044f9d2ea9622de64\" tg-width=\"700\" tg-height=\"561\" width=\"100%\" height=\"auto\"/></p><p>You can see that JEPQ has been considerably less volatile than QQQ. And during this year&#39;s rebound, it has captured less of the upside than QQQ or QYLD.</p><p>Volatility is still high, which means JEPQ is quoting an SEC 30-day dividend yield for its monthly distributions of 15.67%. (Total return and yield quotes are net of the fund&#39;s annual expenses, which are 0.35% of assets under management.) But keep in mind that over the long haul Reiner expects the distribution yield to range from 9% to 11%.</p><p>If we sum up the nine monthly distributions JEPQ has made since it was established in May, the total has been $4.29 a share, or 10.27% of its net asset value of $41.81 at the close on March 1. That is not an annualized yield.</p><p><b>Top stock holdings</b></p><p>JEPQ posts its full list of holdings every day. The ETF holds 77 stocks, which make up 81% of its portfolio. Technology stocks make up about 40% of the portfolio.</p><p>Here are the fund&#39;s top 10 stock holdings:</p><p><img src=\"https://static.tigerbbs.com/07d9e3b50a39fb279604dbc26681c0c2\" tg-width=\"806\" tg-height=\"448\" width=\"100%\" height=\"auto\"/></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Looking for Stock Dividends of 9% to 11%? That's What These ETF Managers Are Aiming for With an AI-Aided Strategy</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nLooking for Stock Dividends of 9% to 11%? That's What These ETF Managers Are Aiming for With an AI-Aided Strategy\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2023-03-05 11:01</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><blockquote>The JPMorgan Nasdaq Equity Premium Income ETF uses artificial intelligence to help with stock selection. It uses a covered call strategy to pay high dividends.</blockquote><p>Rising interest rates have made bonds more attractive over the past year, but they have also led to higher volatility for stocks. And that means higher dividend income for equity funds that write covered call options. Income-seeking investors should at least become familiar with these strategies.</p><p>The JPMorgan Nasdaq Equity Income ETF <a href=\"https://laohu8.com/S/JEPQ\">$(JEPQ)$</a> has grown to $1.6 billion in assets under management in only 10 months. Hamilton Reiner, one of the fund&#39;s co-managers, explained its strategy and contrasted it with the $JPMorgan Equity Premium Income ETF.</p><p>The main difference between JEPQ and JEPI is how the exchange-traded funds select stocks. JEPI is benchmarked to the S&amp;P 500 and holds between 100 and 150 stocks selected by its managers with the assistance of JPMorgan&#39;s equity analysts.</p><p>JEPQ is benchmarked to the Nasdaq-100 Index, which is made up of the largest 100 nonfinancial companies within the full Nasdaq Composite Index. But it is not limited to the Nasdaq-100.</p><p>Reiner, who is head of U.S. Equity Derivatives at JPMorgan Asset Management, explained that he and co-managers Andrew Stern and Eric Moreau select stocks for JEPQ with the assistance of artificial intelligence technology that analyzes thousands of corporate filings and  financial reports to project &#34;earnings estimates three to five years out.&#34;</p><p>Selected companies aren&#39;t limited to those in the Nasdaq-100. For example, PepsiCo Inc. <a href=\"https://laohu8.com/S/PEP\">$(PEP)$</a> is a component of the Nasdaq-100, but JEPQ holds shares of Coca-Cola Co. <a href=\"https://laohu8.com/S/KO\">$(KO)$</a>, which isn&#39;t a component of the index, because &#34;it is more attractive per our process,&#34; Reiner said.</p><p><b>What type of investor is JEPQ designed for?</b></p><p>JEPQ&#39;s stated goals are to generate monthly income by selling covered call options and holding a portfolio of large-cap stocks. It&#39;s benchmarking to the Nasdaq-100 makes for heavy weighting to technology companies. Long-term growth is a secondary objective of the fund. A third goal is to maximize &#34;risk-adjusted expected returns&#34; through the AI component of its stock selection process.</p><p>In other words, JEPQ can be an appropriate investment for you if you want monthly income and if you want an investment that will be less volatile over time than the Nasdaq-100 index, which itself is tracked by the Invesco QQQ Trust <a href=\"https://laohu8.com/S/QQQ\">$(QQQ)$</a>.</p><p>Reiner said JEPQ shareholders can expect the fund&#39;s monthly distributions to equate to annual yields ranging between 9% and 11%. He also expects JEPQ to capture less of QQQ&#39;s downside during market declines, along with &#34;some of the equity upside,&#34; for similar overall performance if dividends are reinvested.</p><p>All of this means that equity funds with covered call strategies are best for investors who want the income and/or wish to smooth out performance, especially during downcycles in the stock market. Since the monthly distributions are taxed (unless the investment is in a tax-deferred retirement account), an investor who wants to pursue a pure long-term growth strategy might be better served with a fund that doesn&#39;t emphasize dividends.</p><p><b>Covered call strategies</b></p><p>The use of options to enhance income for stock funds is nothing new, but the strategy gained popularity during the long period of low interest rates and became even more popular during the bear market of 2022.</p><p>A call option is a contract that allows an investor to buy a security at a particular price (called the strike price) until the option expires. A put option is the opposite, allowing the purchaser to sell a security at a specified price until the option expires.</p><p>A covered call option is one an investor can write when they already own a security. The strike price is typically &#34;out of the money,&#34; which means it is higher than the stock&#39;s current price.</p><p>For example, you might hold 100 shares of a stock that is currently trading for $100 a share. You like the stock, but would be willing to part with it for a certain price, say $110. You sell a call option for a fee to an investor who believes the shares will trade much higher than $110 before the option expires. If the stock then moves above $110, you are forced to sell it for that price. You keep your option fee, but now need to find something else to invest in. But if the stock doesn&#39;t rise above $110 before the option expires, you still keep your option premium and are free to write another call option.</p><p>This type of activity during a period of high volatility can enhance income greatly. It also makes a portfolio less volatile than the broad market. The price you pay is that you give up some of the upside. In the above example, if the stock had doubled to $200, you would still be forced to sell it for $110.</p><p>Investors looking to make use of such an active strategy might best be served doing so through mutual funds or exchange-traded funds.</p><p>JEPQ makes used of equity-linked notes to pursue its covered-call strategy with up to 20% of the fund&#39;s portfolio. See the JEPI article for an actual covered-call trade example and more about equity-linked notes.</p><p>JEPQ&#39; stock selection process and use of equity-linked notes to pursue its covered all strategy also stand in contrast to the <a href=\"https://laohu8.com/S/EFFE\">Global X</a> NASDAQ 100 Covered Call ETF <a href=\"https://laohu8.com/S/QYLD.UK\">$(QYLD.UK)$</a>, which also pays monthly dividends while holding all the stocks in QQQ and writing covered call options on the entire Nasdaq-100.</p><p><b>Performance</b></p><p>JEPQ is less than a year old, a short period for a fund, although growing to $1.6 billion since the fund was launched on May 3 underlines how quickly investors have warmed to the strategy. For a benchmark comparison, here&#39;s how the fund has performed on a total return basis, with dividends reinvested, against QQQ and QYLD since inception:</p><p><img src=\"https://static.tigerbbs.com/d046b5f7c55b87c044f9d2ea9622de64\" tg-width=\"700\" tg-height=\"561\" width=\"100%\" height=\"auto\"/></p><p>You can see that JEPQ has been considerably less volatile than QQQ. And during this year&#39;s rebound, it has captured less of the upside than QQQ or QYLD.</p><p>Volatility is still high, which means JEPQ is quoting an SEC 30-day dividend yield for its monthly distributions of 15.67%. (Total return and yield quotes are net of the fund&#39;s annual expenses, which are 0.35% of assets under management.) But keep in mind that over the long haul Reiner expects the distribution yield to range from 9% to 11%.</p><p>If we sum up the nine monthly distributions JEPQ has made since it was established in May, the total has been $4.29 a share, or 10.27% of its net asset value of $41.81 at the close on March 1. That is not an annualized yield.</p><p><b>Top stock holdings</b></p><p>JEPQ posts its full list of holdings every day. The ETF holds 77 stocks, which make up 81% of its portfolio. Technology stocks make up about 40% of the portfolio.</p><p>Here are the fund&#39;s top 10 stock holdings:</p><p><img src=\"https://static.tigerbbs.com/07d9e3b50a39fb279604dbc26681c0c2\" tg-width=\"806\" tg-height=\"448\" width=\"100%\" height=\"auto\"/></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"JEPI":"JPMorgan Equity Premium Income ETF","JEPQ":"JPMorgan Nasdaq Equity Premium Income ETF"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2316139645","content_text":"The JPMorgan Nasdaq Equity Premium Income ETF uses artificial intelligence to help with stock selection. It uses a covered call strategy to pay high dividends.Rising interest rates have made bonds more attractive over the past year, but they have also led to higher volatility for stocks. And that means higher dividend income for equity funds that write covered call options. Income-seeking investors should at least become familiar with these strategies.The JPMorgan Nasdaq Equity Income ETF $(JEPQ)$ has grown to $1.6 billion in assets under management in only 10 months. Hamilton Reiner, one of the fund's co-managers, explained its strategy and contrasted it with the $JPMorgan Equity Premium Income ETF.The main difference between JEPQ and JEPI is how the exchange-traded funds select stocks. JEPI is benchmarked to the S&P 500 and holds between 100 and 150 stocks selected by its managers with the assistance of JPMorgan's equity analysts.JEPQ is benchmarked to the Nasdaq-100 Index, which is made up of the largest 100 nonfinancial companies within the full Nasdaq Composite Index. But it is not limited to the Nasdaq-100.Reiner, who is head of U.S. Equity Derivatives at JPMorgan Asset Management, explained that he and co-managers Andrew Stern and Eric Moreau select stocks for JEPQ with the assistance of artificial intelligence technology that analyzes thousands of corporate filings and  financial reports to project \"earnings estimates three to five years out.\"Selected companies aren't limited to those in the Nasdaq-100. For example, PepsiCo Inc. $(PEP)$ is a component of the Nasdaq-100, but JEPQ holds shares of Coca-Cola Co. $(KO)$, which isn't a component of the index, because \"it is more attractive per our process,\" Reiner said.What type of investor is JEPQ designed for?JEPQ's stated goals are to generate monthly income by selling covered call options and holding a portfolio of large-cap stocks. It's benchmarking to the Nasdaq-100 makes for heavy weighting to technology companies. Long-term growth is a secondary objective of the fund. A third goal is to maximize \"risk-adjusted expected returns\" through the AI component of its stock selection process.In other words, JEPQ can be an appropriate investment for you if you want monthly income and if you want an investment that will be less volatile over time than the Nasdaq-100 index, which itself is tracked by the Invesco QQQ Trust $(QQQ)$.Reiner said JEPQ shareholders can expect the fund's monthly distributions to equate to annual yields ranging between 9% and 11%. He also expects JEPQ to capture less of QQQ's downside during market declines, along with \"some of the equity upside,\" for similar overall performance if dividends are reinvested.All of this means that equity funds with covered call strategies are best for investors who want the income and/or wish to smooth out performance, especially during downcycles in the stock market. Since the monthly distributions are taxed (unless the investment is in a tax-deferred retirement account), an investor who wants to pursue a pure long-term growth strategy might be better served with a fund that doesn't emphasize dividends.Covered call strategiesThe use of options to enhance income for stock funds is nothing new, but the strategy gained popularity during the long period of low interest rates and became even more popular during the bear market of 2022.A call option is a contract that allows an investor to buy a security at a particular price (called the strike price) until the option expires. A put option is the opposite, allowing the purchaser to sell a security at a specified price until the option expires.A covered call option is one an investor can write when they already own a security. The strike price is typically \"out of the money,\" which means it is higher than the stock's current price.For example, you might hold 100 shares of a stock that is currently trading for $100 a share. You like the stock, but would be willing to part with it for a certain price, say $110. You sell a call option for a fee to an investor who believes the shares will trade much higher than $110 before the option expires. If the stock then moves above $110, you are forced to sell it for that price. You keep your option fee, but now need to find something else to invest in. But if the stock doesn't rise above $110 before the option expires, you still keep your option premium and are free to write another call option.This type of activity during a period of high volatility can enhance income greatly. It also makes a portfolio less volatile than the broad market. The price you pay is that you give up some of the upside. In the above example, if the stock had doubled to $200, you would still be forced to sell it for $110.Investors looking to make use of such an active strategy might best be served doing so through mutual funds or exchange-traded funds.JEPQ makes used of equity-linked notes to pursue its covered-call strategy with up to 20% of the fund's portfolio. See the JEPI article for an actual covered-call trade example and more about equity-linked notes.JEPQ' stock selection process and use of equity-linked notes to pursue its covered all strategy also stand in contrast to the Global X NASDAQ 100 Covered Call ETF $(QYLD.UK)$, which also pays monthly dividends while holding all the stocks in QQQ and writing covered call options on the entire Nasdaq-100.PerformanceJEPQ is less than a year old, a short period for a fund, although growing to $1.6 billion since the fund was launched on May 3 underlines how quickly investors have warmed to the strategy. For a benchmark comparison, here's how the fund has performed on a total return basis, with dividends reinvested, against QQQ and QYLD since inception:You can see that JEPQ has been considerably less volatile than QQQ. And during this year's rebound, it has captured less of the upside than QQQ or QYLD.Volatility is still high, which means JEPQ is quoting an SEC 30-day dividend yield for its monthly distributions of 15.67%. (Total return and yield quotes are net of the fund's annual expenses, which are 0.35% of assets under management.) But keep in mind that over the long haul Reiner expects the distribution yield to range from 9% to 11%.If we sum up the nine monthly distributions JEPQ has made since it was established in May, the total has been $4.29 a share, or 10.27% of its net asset value of $41.81 at the close on March 1. That is not an annualized yield.Top stock holdingsJEPQ posts its full list of holdings every day. The ETF holds 77 stocks, which make up 81% of its portfolio. Technology stocks make up about 40% of the portfolio.Here are the fund's top 10 stock holdings:","news_type":1,"symbols_score_info":{"JEPI":0.9,"JEPQ":0.9}},"isVote":1,"tweetType":1,"viewCount":2365,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9045636928,"gmtCreate":1656604185264,"gmtModify":1676535861754,"author":{"id":"3577362879194763","authorId":"3577362879194763","name":"ivyteo6911","avatar":"https://static.tigerbbs.com/b70214e6e148476bcc23102cef4a8dc3","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577362879194763","idStr":"3577362879194763"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/TIGR\">$老虎证券(TIGR)$</a>😞😞😞","listText":"<a href=\"https://ttm.financial/S/TIGR\">$老虎证券(TIGR)$</a>😞😞😞","text":"$老虎证券(TIGR)$😞😞😞","images":[{"img":"https://community-static.tradeup.com/news/2dff55f712c0602a3eff6d1e04d21c2e","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9045636928","isVote":1,"tweetType":1,"viewCount":955,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9023840906,"gmtCreate":1652912603905,"gmtModify":1676535184361,"author":{"id":"3577362879194763","authorId":"3577362879194763","name":"ivyteo6911","avatar":"https://static.tigerbbs.com/b70214e6e148476bcc23102cef4a8dc3","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577362879194763","idStr":"3577362879194763"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/NNDM\">$Nano Dimension Ltd.(NNDM)$</a>😅😅😅","listText":"<a href=\"https://ttm.financial/S/NNDM\">$Nano Dimension Ltd.(NNDM)$</a>😅😅😅","text":"$Nano Dimension Ltd.(NNDM)$😅😅😅","images":[{"img":"https://community-static.tradeup.com/news/0851875af155e77a5f503a7560c52acf","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9023840906","isVote":1,"tweetType":1,"viewCount":1150,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9934814707,"gmtCreate":1663215802309,"gmtModify":1676537230189,"author":{"id":"3577362879194763","authorId":"3577362879194763","name":"ivyteo6911","avatar":"https://static.tigerbbs.com/b70214e6e148476bcc23102cef4a8dc3","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577362879194763","idStr":"3577362879194763"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/00175\">$吉利汽车(00175)$</a>，👍👍👍","listText":"<a href=\"https://ttm.financial/S/00175\">$吉利汽车(00175)$</a>，👍👍👍","text":"$吉利汽车(00175)$，👍👍👍","images":[{"img":"https://community-static.tradeup.com/news/e9223dfe5f327875ae5296c2861fea57","width":"1080","height":"2920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/9934814707","isVote":1,"tweetType":1,"viewCount":730,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9020645057,"gmtCreate":1652649230880,"gmtModify":1676535131997,"author":{"id":"3577362879194763","authorId":"3577362879194763","name":"ivyteo6911","avatar":"https://static.tigerbbs.com/b70214e6e148476bcc23102cef4a8dc3","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3577362879194763","idStr":"3577362879194763"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/TIGR\">$老虎证券(TIGR)$</a>😅😅😅","listText":"<a href=\"https://ttm.financial/S/TIGR\">$老虎证券(TIGR)$</a>😅😅😅","text":"$老虎证券(TIGR)$😅😅😅","images":[{"img":"https://community-static.tradeup.com/news/d57901d65f35bdeb34fd3a1f3dac33da","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9020645057","isVote":1,"tweetType":1,"viewCount":524,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"lives":[]}